There are lies, there are damn lies, and then there are statistics. You can twist and create ratios and extensions, that in retrospect fit any given set of data. When someone can predict future price movements using such " tools", with a good degree of statistical certainty, then you are onto a huge winner. However I can assure you that this goal will remain elusive. Markets are inherently wild and unpredictable, so first accepting that, allows traders to develop a system that could work more often than fail.
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