A 'bottom wick' can be formed on the monthly chart by having an all green/up week. When combined with the red candle at the monthly level - Creates the dynamic of a 'bottom' where the bears push price down to a limit and the bulls succeed in fighting back and bring price back up - and the bottom is formed.
Looking at the weekly chart for SPX or SPY their are relatively fewer examples of bottoms like this (also known as tweezers)
Looking at the weekly chart for SPX or SPY their are relatively fewer examples of bottoms like this (also known as tweezers)
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