"Respect chartists but charts are pretty much useless during current market conditions. Charts couldn't predict the onslaught GS had on the sector then a 10% capitulation on the DOW the past 2 weeks."
Hi Tcb007,
No offence, but I don't think you understand the purpose of charting to make such wild statements. Charts were never meant to predict fundamental news events (true or false).
And to say that they "are pretty much useless during current market conditions" is in my opinion ridiculous. You just have to take a look at a daily chart of the Dow (link below) to see the 2 year uptrend was broken back on Jan24/22 when it made a lower low. Afterwards, it has continued to make lower highs and lower lows forming a very clear downtrend. So, if
you as a trader or investor were following this chart, you actually could have predicted a market downturn months ago, got out, and avoided losses. That's one of the main reasons
to pay attention to charting imo.
https://www.tradingview.com/chart/DJI/iaA5jdHt-Dow-Jones-dji-us30/
Cheers,
Gd
"Respect chartists but charts are pretty much useless during...
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