I have never seen the sense in Charting but it does not offend me the way say bad annuities do. I figure it will work sometimes until it doesn't, like a lot of systems. But the shot from The Economist is more compellingly negative than most things I have read:
http://tinyurl.com/z4lfl
Don't know if a subscription is required for that specific site but the essense is ".... chartists defend their territory with an almost religious zeal. But their arguments are often anecdotal: “If technical analysis doesn't work, how come so-and-so is a multi-millionaire?”. This “survivorship bias” ignores the many traders whose losses from using charts drive them out of the market."
The article is about Fibonacci numbers and why they do not apply to the market.
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other is as though everything is a miracle.” - Albert Einstein
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