Double top matters in progressive uptrend.
"With any reversal pattern, there must be an existing trend to reverse. In the case of the Double Top Reversal, a significant uptrend of several months should be in place."
this.
Also agreed. A double top of such magnitude would only take on importance if there was an equally large uptrend behind it. The pattern (along with head & shoulders tops, triple tops, etc) implies distribution where quality of share ownership becomes poor when strong hands sell their shares to starry-eyed buyers (future weak hands) near the market top. This transfer causes the bear market.
One only sees this type of distribution after a long bull market. After a long bear market, the strong hands are busy collecting to distribute again at higher prices. It's much more likely that's what's happening here--accumulation and not distribution.
