Eckhardt is also the guy who lost his bet with Dennis Richard, so he is not infallible. Your penchant for argumentum ad authoritatum is incredible. Any so-called expert who says something you even mildly agree with and it's "Game! Set! Match!" Here's the diff between you and me: I think for myself and I question everybody, especially the so-called experts, double especially the so-called experts in a field as iffy as trading. If all it takes is a PhD in finance or math or whatever to be a successful trader, why aren't they all rich? That's the type of question you never ask but I've been asking it from the first day I got interested in trading many years ago. So by all means, continue with your worship of "experts", I much prefer to become my own true expert. Read an article about Eckhardt titled The Man Who Launched 1000 Systems. The title was meant to be awe-inspiring or some such nonsense but all that went through my mind was "Geez, if you need a 1000 systems to figure out how to beat the markets, you are doing it majorly wrong."
Clearly its another representation of past price. Looks like point /figure turned on its side. That's some ancient tactics from the pits. Yes, clearly its TA.
In another thread, you stated "market internals reveals massive bearish sentiment". A contrarian might believe otherwise... Some might say that your "market internals" are subject to interpretation. So, in the mind of Surf, how is that different than "descriptive TA"? I'm curious...
How are you judging your price drivers though? I am sure you are looking at past price drivers value to come to some conclusion.
It is a form of TA but we don't use it to make decisions-- it was an observation of current conditions. Yes, you are right, it can be interpreted both ways. surf
Price retracing after an obvious break in a common play to screw the texbook players. That, along with the opportunity to reverse long, suggested selling to push it lower. Yes you are right. But it isn't a given that it will happen. It's all useful speculation but I wouldn't call it TA. It is “meta” TA; it is a reasoning underlying a behavior. The behavior could find its framing within TA.
I like technical analysis/charts, whatever you chose to call it... But people should not just look at them blindly, and solely and religiously and in hindsight only. People should also be keenly aware of the social/human and reasoning element of the markets. That way you won't be necessarily swept by surprise if the market moves swiftly up or down...since more or less...you are expecting it. You kind of have your support and resistant levels in mind. Don't just view yourself, the trader, as an emotionless scientists working on a formula. This kind of reminds me of: The Midas Formula: Trillion Dollar Bet (2000) documentary. I've literally seen watched/listened to this documentary like 20+ times...it's one of my favorites on youtube.