Folks, here's the Truth about Technical Analysis
TA does in fact work...it works great...Half of the time for some of the people.
It's guesswork. You could throw those proverbial darts at that newspaper, and SOME of them will hit on winners. Then, those winners who got lucky will boast on message boards how THEY were right all along, while the Many, Many who picked wrong will stay quiet, thereby giving the impresiion that Technical Analysts know what they're doing.
It's PURE chance...and unfortunately we only hear from the dumbasses who think THEY somehow picked the winning entry/exit points.