charting technique, page-4

Forrest,

You are obviously a man after my own heart.
I too love it when I look at those cloud formations & see all those lovely naked girls with huge..........

My wife in looking at the exact same cloud formations sees dressage horses !!!!!!!!( Although once, I saw Lady Godiva .... LOL )

So you are right we see what we wish to see.

Exactly the same with charting .... a very subjective craft.

My objection on this chat is to the assertions by some that because a certain price pattern has formed in the chart of a particular stock, then it MUST continue in a preconceived manner to finish the pattern. In other words buyers & sellers ultimately do not have any choise but to do so at levels to finalise an Elliott wave , Gann pattern or fib ratio.
Any logical sensible thinking person would realise this is clearly a ridiculous assertion.

My point in my first post is that if you put enought lines on the chart.........they can demonstrate the PAST is in compliance with some rule, number or whatever & also althought I did not say it in that post, if you put enough lines on the chart, the FUTURE price will touch one of them as well.

But to use these lines/ratios/ numbers/ to guarantee a future price.........NOT POSSIBLE.

Im off outside to look at the heavens!!!

Bendigo