Continuation Post of Double Bottom Pattern :
First low – The market bounces higher and forms a swing low. At this point, it’s likely a retracement in a downtrend.
Second low – The market rejects the previous swing low. Now, there’s buying pressure, but it’s too early to tell if the market could continue higher.
Break of neckline – The price broke above the Neckline (or Resistance) and it signals the buyers are in control
— the market is likely to move higher.
In short, the Double Bottom Pattern signals the downtrend has possibly bottomed out, and the price is about to move higher.
