Major brokerages and news media feature technical analysis

Introduction

Suppose, in a national TV newscast, instead of citing data, analysis and predictions from major government agencies, the weatherperson displayed a chart of recent temperatures, noting “trends,” “waves” and “breakout patterns.” Most of us would not have confidence in such a dubious and unorthodox forecast.

Or suppose, at a medical clinic, that a cardiologist made some hand measurements of events on an electrocardiogram and noted a “triangle pattern” or “Fibonacci ratio” between them. If this were to happen, most of us would start looking for another cardiologist. [Note: The “Fibonacci ratio,” also known as the “golden ratio,” usually

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