This illustrates why attempting to call absolute numbers as far as tops or bottoms on the market is a fool's errand. Always has been, always will be. It also illustrates why TA is far less useful than it used to be.
Yeah I know its a fools game to make calls but don't agree at all about TA not be as useful. Maybe certain FORMS of TA but, to generalize that ALL TA is far less useful, is a mistake IMO
I'm not saying it's useless completely, just that the more participants have come to be aware of TA as a strategy, the less reliable it has become. Which is why for instance, we see many more false breakouts and breakdowns than we used to. As always, if something works for you, then it works for you. For me, most TA doesn't do anything, but YMMV.
all he did was list (lagging) chart features, that's not TA "SP 500 to never hit 1050 again...in 2009...here is why: Stochs RSI CCI Bollinger bands MA's " does anyone really think that's technical analysis? You're concluding that because the above failed, TA is of no use? your own reasoning is not a lot better
Not knowing exactly what analysis he did with those indicators, I cannot say. But those indicators are indeed used in TA. No, you are drawing false conclusions from my statements. I'm saying this is yet one more example of why TA is less and less reliable, at least in my experience. I didn't just reach this conclusion because of this guy's statement, I've reached it over a period of years and personal experience. But as I've already stated, if you've found a way to make it work for you, more power to you. Doesn't work for me, and I'm much more successful now using a contrarian macro approach, as my personal experience revealed that TA had become less and less reliable. As always YMMV. And let's be clear. ALL chart features or TA are lagging, none of it predicts the future with any certainty. But again, if you've found a way for it to still work for you reliably, good on you.
Since when was a 200 month SMA not a lagging "chart feature"? He appeared to be quite eager to provide support for this call earlier in the thread but now appears to be distancing himself, I cannot help but to wonder why.
You guys can say what u want but I thought it was an EXTREMELY brilliant call. I went long and made a forune...had my target set for...drum roll pleeeez..........................................1050 BANG!!!!!!!!!!!!!!!
Didn't you call the top in another thread based on a 200 month SMA? I got news for you...that is also a "lagging chart feature".