I couldn't believe my eyes when I saw the Market Technicians Association (of which I'm a proud member), all in all a fairly obscure organization, mentioned in the New York Times (the New York Times!).
Unfortunately, it is mentioned in relation to Robert Prechter's call (which he made in 2001 and several times since, usually after a serious bout of market weakness) for the Dow Jones Industrial Average to drop an eye-popping 90% in the near future, a forecast he arrives at using his special brand of Elliott Wave analysis. As a result, the overall credibility of both the MTA and technical analysis in general is unlikely to be much enhanced.
As Ralph Acampora, an illustrious technical analyst and a founder of the MTA, who was thankfully consulted for the New York Times article, muses:
I don’t want to agree with [Prechter], because if he’s right, we’ve basically got to go to the mountains with a gun and some soup cans, because it’s all over.
1 comment:
Actually, Pretcher is calling for DOW 400 by 2015! I think he does that to get media attention. But unfortunately, he gets followers who actually believe his investment advice.
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