the.com/chartist
reading squiggly lines on a chart like tea leaves, but with more conviction and worse returns.
means someone who predicts future stock prices by studying past price and volume patterns rather than the underlying business.
from from technical analysis charting practices formalized in the early 1900s, building on dow theory, though the impulse to see patterns in price movement is as old as markets themselves.
dow theory rootscharles dow never called himself a chartist
core beliefprice already reflects all known information
pattern nameshead and shoulders, cup and handle, sound made up
academic viewmost economists call it barely better than astrology
for instance
john bollinger — invented bollinger bands in the 1980s, still used daily
ralph elliott — created elliott wave theory in the 1930s from stock cycles
william o'neil — founded investor's business daily on chart pattern investing