Of course it is only confirmed on a reversal BUT the reversals are usually huge and so if you can pick the low you can go on a holiday and bask in the sun for a bit.
Yesterday saw a "hammer" so the low is in! Well it might be if it was just that simple.
This coming weekend we are 100X90 or 25X360 cal days from the 1987 low which may or may not be important.
The chart below shows that leading into the Aug 2011 low we had a hammer but it was better to wait some days.
