Technical analysis is the study of effect in the expectations that those effects will repeat in the future. Meh.
You either do it properly or there is no point in doing it at all. To do it properly you must look at cause, not effect.
Charts are only good for proving cause, as a chart is effect, you cannot use a chart. Fundamental analysis is in the same basket, its just easier to catch on to a trend.
If you a serious and diligent with your work buy Walter Russell and John Keely (use Dale Ponds Book) work.
That is the mother of technical and fundamental analysis.
technical analysis and charting, page-23
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