Compelling evidence that charting doesn't work comes from the fact that virtually no mutual funds or ETFs are based primarily on TA. The few that have gone that route in the past have performed poorly.
Proponents of charting cite its long history and abundant literature. But you can find even more books on astrology (even for investing), tarot cards, palms, tea leaves and, yes, perhaps chicken bones. The bible has many reference to fortune tellers, usually in a negative way.
Virtually every scam stock thread I've followed over 20 years was loaded with statements that amounted to: The Chart Looks Good. Almost never do those threads direct investors to the firm's audits or SEC filings.
Baloney about charting is a major component in most stock scams.
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