SMH Semiconductor Holders ETF indicating Crab Pattern bottom

I mentioned briefly in my previous post on the FXE ETF Euro that we have not really seen bottoming patterns show themselves in the major USA indices.  However I did just notice that the SMH semiconductor ETF (symbol SMH) is showing a bullish completed crab pattern.  It shows that the SMH is in a potential buy zone between 31.02 and 31.15.  If we hold these levels and start to see bullish looking candlesticks from this range, it could confirm the bottom case I just made for USA indices, Gold, Silver and the Euro.

SMHETF20120527

The SMH Semiconductor ETF and the IWM Russell 2000 ETF tend to be good leading indicators of the other USA indices so I view this potential Bullish Crab pattern in the SMH as a near term potential bullish sign for the rest of the markets.

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