March 04, 2009
– Comments (6)
From Calculated Risk.
I saw this chart two weeks ago somewhere else. :)
Click here for the live update for that chart and here for today's update. Best
devoish - Do you remember that you were the first one who commented on my blog to welcome me here? :)
I thought of you and your following when I saw that chart. I expect you were able to laugh when you saw it, as that was my hope. Had you not mentioned it, I would not have remembered I welcomed you first. I am happy I did though. I am not a chartist, but you are making the strongest case for being a pure chartist I have ever seen. Your contribution to CAPS ranks as high as anyones, but I am still on the "its mostly voodoo" side of the fence as opposed to the "its all voodoo" side where I used to be.
I am not sure how much of charting is a function of its believers, but I am pretty sure how the endgame goes when 2/3 - 3/4 of traders run out of money ("THE" bottom).
The best Technical Analysts will have done great, the worst are probably already gone.
The "Real" Economy is making a comeback as is the "Real" world and with it Fundamental Analysis.
Good luck, I have the utmost respect your contribution here, and appreciate all you have taught us and continue to teach us.
Goodvibes believes in voodoo, it has worked this far (two months in long CAPS career)
here is the only chart to follow here:
The very rare black swan formation - note both feet and neck are complete and the rare vampire tooth variation is in place.
I think the poster misinterpreted the chart. It appears to me that the much worse variation; 'one foot drawn with poop dropping' is in play here.