A controversial issue with many traders who follow along with charts is whether there truly is such a thing as a “triple bottom.” Bottoms, sure. Double-bottoms? We have seen them (though they are far more overrated than you might think relative to the amount of times they appear to be actually forming). But many will tell that if you are looking for a triple bottom, you are engaging in wishful thinking as the lows in question are destined to be breached.
Updating the 30-minute SPY chart this morning, you can see price attempting to stabilize at the same lows where it did on Monday and Tuesday of this week. Another read is that this morning’s action is part of a double-bottom on this timeframe, comprised of Tuesday’s action as well.
Whichever way you read it, bottoms need confirmation. And a move up through 1646 on the S&P is likely needed to confirm this bottom. Otherwise, this is all a bunch of semantics and you can expect more corrective price action for the foreseeable future.
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