Steve's Place

[DeepBlue1]

S&P 500/SPY etf 20 yr chart

Confirmed DOUBLE TOPS are a VERY VERY BAD CHART PATTERN. I can't remember a double top that ever resolved itself well. In every case I can remember seeing, the "neckline" or bottom of the middle downleg NEVER HOLDS as support. Not only that, but the double top always in my memory is the beginning of a VERY LONG DOWNTREND with sporadic up bumps along the way.

It suggests that Cramer's call for Dow 6000 or even lower(4000?) could be in the cards before this pattern resolves itself and heads into something else.