Hey balleroni, in fact, yes this is a real thing,
Post# of 36536
in fact, yes this is a real thing, in technical chat analysis (except for my spelling mistake though "mexican hat" not "mexican head", of course)
Here is an investopedia explanation at least for the double bottom formation (as far as I know "mexican hat" is just a synonym):
https://www.investopedia.com/terms/d/doublebottom.asp
How this helps!?