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RE: Be Wary Chart Analysis!
My thought on this is you are right, on a macro level, charts will not be good indicators of the future. However, on a micro level, like days-weeks-months, chart watching can be a self fulfilling prophecy. People who see resistance at a certain point on the chart, then place limit orders that work with that resistance. I believe this is why people like charts. You aren't really playing the market, your playing the people involved with the market.
Well said Mr. Hound. However, given the relatively low market capitalization of the market, the volatility is so dramatic, I would argue it is even more difficult to subscribe to the market tendency, as the market itself is not yet established. Your thoughts become more and more true, as the cap increase.