"Technical " Analysis is akin to the reading of entrails of animals by soothsayers in Roman times. "If this happens then this will be the result, unless that happens". Absolute bshit. Gann, Fibonacci, Elliot Wave. All crap. The only reason it exists is because brokers need to tell clients something other than "I dunno..." But enough dupes are involved with it, it becomes a sort of self-fulfilling prophesy until the next factual details are released. Take it from someone who's dabbled in TA since 1987.
Easy to test, BTW. Just give some TA a blind series of charts from 1991 and ask them to predict the future. Maybe they get it 50% right...
GXY Price at posting:
38.5¢ Sentiment: Sell Disclosure: Not Held
