punter, I too have read a good bit about crowd psychology and the markets. These guys are right in that the crowd's actions are in the chart, thus the crowd is the chart. I would suggest "Trading with Crowd Psychology" by Gyllenram if you haven't read it. The author paints a picture of a fictional stock and about 15 people who trade/invest in it. The point of the book is to look at it through their eyes individually as the stock moves and rationalize each of their actions and feelings. Personally, I didn't find it that revealing but there were some interesting points strewn in. When it's all said and done, the chart is the actions of those 15 and thousands more. Nobody really knows what they'll collectively do tomorrow...or why. I guess that's why we trade???