To reverse the effect of the Magic Wand tool in Photoshop (i.e., select the opposite of what's currently selected), you need to invert the selection.
Inverting Your Selection
Here's how to invert a selection made with the Magic Wand tool (or any selection tool):
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Make Your Initial Selection: Use the Magic Wand tool to select the area you initially want to target.
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Invert the Selection: Go to the Select menu at the top of the screen. Then, choose Inverse.
Now, the area that wasn't selected by the Magic Wand tool will be selected, and the area that was selected will no longer be selected. The selection border will have shifted to surround the opposite area.
Example Use Case
The "Select Inverse" command is especially useful when you want to select an object that stands out against a solid background.
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Select the Background: Use the Magic Wand tool to click on the solid background. This will select the background.
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Invert the Selection: Choose Select > Inverse.
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Object Selected: Photoshop will now select the object, effectively "reversing" the Magic Wand's initial selection of the background.
This technique saves you from painstakingly tracing around the object itself.