Now we all know that price has this crazy way of revisiting its prior level to the exact penny. I looked at the original chart carefully and the last bottom in 02-03 seemed to revisit right around 16. I believe that bottom was put in right on September 11th. I think if we rebound from here then there might be a chance. Everyone is screaming gloom, doom and crash... Historically speaking when people were predicting dooms day did it come? Enron crashed all the while people were very positive about its prospects. I dunno, but I think C and BAC are probably trading at prices that you will never see again.
Would the same apply to the current SPX double top? 'Fake' double top/bottoms result in small losses, 'True' DTs & DBs result in substantial gains. There is no requirement for a trader to know anything about fundamtentals, it's analyst's job to do the number cunching & company's future performance analyses, traders may just jump on board a train, no need to be in control of that train. Taken the wrong train, no worries, get off at next stop & catch the right train.
Everything is relative to a time frame, I could tell you looking at the Weekly chart that from 2007 there was 1 proper DT and no similar DB Of course with an exclusion of recent DB, which indeed turned out to be a fake one ie small % loss
this rally was a dead cat bounce. there isn't much direction right now and might not be until later in the year once elections are over. could be some tough trading ahead from the equities side of things