re: fibonacci theory-and practise amp chart (longt
Here is a longterm Fibonacci chart of AMP showing how shortterm 'experts' can easily lose track of the overall framework within which major stocks are traded.
I have said in the past that AMP is a complex chart. It is. Textbook fibanocci technicians that see a high and a low and paste on a fib pattern which has no or fragile correlations (but look good 'cause they got the function to work in Metastock) are one reason why the insto's and others are able to claim that TA has such a poor reputation while at the same time they use it as a mechanical instrument to trade stocks.
The only time I think the market has genuinely had a shock in this stock (AMP) was in March 2003 when closer analysis of the chart shows there were no preliminary signs of distribution ahead of the news.
