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Interesting questions. Triple bottom occurs less than triple tops, but they do happen, and I've seen them in individual stocks. Here's the key, you can't call a triple bottom until it completes the pattern. For the SP500 to complete such a triple bottom pattern, it would have to break above 1575. Now, how probable is that? Not likely, so we see a potential triple bottom pattern, but it does not seem like this pattern will be complete at the moment. In fact, you may end up with another type of pattern by the time a new trend forms.
As for the head and shoulder bottom, I see a completed head and shoulder bottom back in 2002-2004. That pattern has already been complete. The break out was at 1150, with a target of about 1525. The pattern was clean and smooth. Unless you see another head and shoulder that I don't see. Any current head and shoulder tops have not been completed yet, so it can't be defined as a head and shoulder pattern just yet. You must have a break of the neckline for a complete head and shoulder pattern, and once complete, yes it will indicate a reversal. But, have you looked at the odds of a head and shoulder reversal. Thomas Bulkowski has a few very good books on chart patterns, get it at your local public library for more insight on chart patterns.
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