In my experience is that indicators like this only look good in hindsight. I like just candlestick charts with multi time frame analysis.
%% Sure; not a prediction, but $180 in SPY is a bottom area LOL They work much better in a sideways slop chop range; bull market have no tops, speaking generally.And bear markets have no resistance.........................Nice colors, believe it or not i also used dark blue for sell, the bear of 2002, i used blue , ran out of red ink, in my printer LOL,
Indicators don't claim anything, they are simply derivatives. Play around with them, if you find them useful, use them, if not don't.
the most common problem with indicators is lag - some of this is due to: 1.) required look-back 2.) pure ignorance of application 3.) criminal minds at work to fool people who have lust for the unearned. however there is hope because there are math formula's which can accomplish most anything. you just have to really work at it and spend alot of time discerning fact from fiction. candles on time based data is like using jb weld to fix a crack in a cast iron engine block. it works fantastic until it fails. math is perfect man's application of it is questionable.
what are your thoughts on indicators that claim to call tops and bottoms? -None of them work perfectly.
The issue is can they be used with a strategy that scales in? I'm a tad confused here on how a 1 min chart has months at the bottom. Maybe we should pick some days with big trends and request that they send charts for each of those specific days.
%% May work better on bottoms because[ unless in a bear market] bottoms are made quicker.OP called it right , @ least for while ,SPY Bottom@$180 area. NOT a prediction, even though a bear market could smash thru that number...... LOL
I find top/bottom indicators fail miserably when the market is trending and trending strongly because you just end up with losses and losses and losses with end in sight. Yes the market will eventually turn around but by that time your account might be already bust.
I stopped using indicators for > 1 decade already. And I will never ever use indictors again, till end of time.