Technical Analysis: if x then y unless maybe z or gamma or pi
I can't stand technical analysis.
How does it typically go? If the S&P doesn't hold support at the level the chart supposedly shows, then it will fall further. Well no kidding. The thing is, you don't need a silly chart based on irrational patterns, you know, something like pi or square root of two... Take the technical analysis out, and what are you left with, if the S&P falls below this level, it will fall further. For sure it will, if it is below that level, it has fallen further. The chart did absolutely zero!
And they write books on this drivel and study it akin to how the ancient Greeks decided a harvest would be good if the slaughtered pig's blood flowed more to the left than the right.
There is no rational pattern to the market.