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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 671.910.0%Nov 14 4:00 PM EST
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To: q_long who wrote (50605)5/12/2000 5:30:00 PM
From: patron_anejo_por_favor  Read Replies (1) of 99985
 
<<Are you looking for support after 3300 level bottom is broken to classify as a double bottom?>>

In a nutshell, yes, that is the most important criterion.

What you'd like to see is the previous closing low penetrated intraday, with a reversal up and positive close for the day on high volume and associated with expansion of new lows. There are variations and incomplete versions of double bottoms, of course.

For a textbook double bottom, look at the Dow Chart for August to October, 1998.
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