If the pattern held precisely true (based on the peak price and date of the “head”) then the Dow will be at 5745 in less than four weeks and 1150 in May of 2013.
Or, maybe the prices are based on real factors in the economy, and not magical patterns that allegedly predictably repeat themselves.
Chartists are, as Fred Shwed called them, pretty occult professors generally.
Amen. Technical Analysis accurately predicts the market's future moves....until it doesn't.
back in 1929, 30, 32, they did not have computers and programs designed to manipulate the market like today
watch this short piece by Denninger as he watches manipulators (the “plunge protection team” or PPT) in action
http://market-ticker.org/archives/2474-Market-Manipulation-On-Display.html