In the last analysis, it may be stated that charts are aids, to be used by the intelligent trader or investor, along with many other important means, as guides to market sentiment.
On the other hand, charts are full of dynamite and can cause crushing losses, if blindly followed by the inexperienced who do not realize that, inasmuch as human nature is not constant, there can be no system which is infallible.
Mechanical forecasting will never take the place of intelligent judgment.
– Humphrey Neill, The Art of Contrary Thinking
