Kat,You are correct, your post said IF 'irrational exhuberance'...

Kat,

You are correct, your post said IF 'irrational exhuberance' and 'based on no fundamentals' then spike, retrace, gaps filled. [No argument from me about that - but I would add 'non gaps would be traded as well.]

My post said IF 'rational exhuberance' and 'based on fundamentals' (ie. the direct opposite of your IF - obviously possible) then spike, no retrace, gaps not filled.

You selectively argued the case for a FALSE non sustainable spike. I pointed out that the case for a TRUE sustainable spike is equally as plausible.