Boone asks, “hey shed, isn’t it a w bottom or am I drunk?”
Good question.
According to Bulkowski, the August breakdown is a Head & Shoulders complex bottom.
The November breakdown is currently looking like it might be a V bottom.
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nice thanks
Aren’t V bottoms by definition unstable?
And short lived?
Jake, I would think a V bottom might be unstable as there is really no time to digest gains, or losses. However, I would think one could make the case that it also signals a powerful bottom, as buyers overwhelm sellers all the way to new highs.
The nice thing about this possible V bottom is that we’ll know by Friday next week whether it was a powerful reversal or an unstable bottom.