“If there are only 100 investors in the world, and 99 of them are bearish, and then one of them turns bullish, 98% of all investors still will be bearish––but the market will go up!”
-- Walter Deemer, former Chief Market Strategist at Putnam Investments
from Walt Deemer’s new book, Deemer on Technical Analysis.
In other words, TA is great and can be very accurate, but when public opinion changes, you might as well throw your old charts in the trash and start making new ones...from scratch.
Dino