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Wayward,

Of course there are market theories and gap filling is one of them. I think it is bunkum. Back testing of the filling of 'gaps' will of course lead to the result that most gaps are filled. However my contention is that back testing of the filling of 'non gaps' will show that they are also mostly filled.

Show me some research that demonstrates statistical significance that gaps are more likely to be filled than any reasonable non gap and I will listen. I will not listen to back testing showing most gaps are filled unless in comparison to some broader base line analysis.