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| The thing about charting and tech analysis is that alot of techs want to see fundamentals developing to support their analysis when, they need to not put so much weight in the fundamentals. The reasons for market movement or "fundamentals" if you want to call them that will eventually be reveiled. The charts don't move the market, they are simply a record of market action. Or more accuratly a record of mans thinking in the market. And mans thinking pattern has not changed in thousands of years. With that said you begin to see that in the record ie. "chart". Now you have something that becomes quite predictable because, as I just said, mans thinking pattern has not changed in thousands of years and a chart is nothing more than record of mans thinking.
When I posted the monthly Elliot wave count chart there were really no bullish fundamentals to support. On the contrary, the fundamentals were, "expected big acres leading to a possibly huge crop". The charts were saying the price is going higher despite the fundamentals at that time.
Tech analysis is not an exact science, it's based on interpretation. | |
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Corn and Soybean Charts
