Chart - Potential Breakout Imminent, page-12

Regardless of the theory that TA is founded on (efficient markets) I think that TA is kind of a self-fulfilling prophecy. With enough people following TA in the market they will act on these cues which results in the exact the thing they predicted.

The chart says sell, chartists sell. Chart says buy, chartists buy. If there are enough chartist as a percent of the market then they will cause what they predicted simply because they predicted it and acted on it. Was it really charting or just short term effects of supply and demand because of chartists acting on there analysis?