That's the problem with some chartists and amateur followers of charting - "predictions" - an astute and experienced chartist recognises areas where a share might be potentially overbought and oversold and trades accordingly - Elliott is a valid and worthwhile method if applied in this way, as is Gartley and Gann and Carney and several others. Even a simple approach of cs pattern recognition in conjunction with western indicators can be a helpful method of deciding whether to enter or leave a stock - even an investment one.
I have yet to see a big prediction using FA solely arrive at a satisfactory conclusion to give that approach much credence - it's how you use it - not how you perceive it.
