Yes, the double bottom is effectively a head and shoulders too, which is a pattern that has failed time and time again during the rally. Perhaps something has changed here.
The most important level for the SOX is really 340-345, the level of the upper line on the all-time downchannel. If we are going to continue this rally it simply can't drop back into that channel. That was a big piece of resistance from which to breakout and failure is not an option.
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