I consider technical analysis a subset of the science of behavioral economics (Note:
Behavioral Economics is not a subset of economics, it is its own science).
That said, there is a lot of technical analysis that is nothing but
voodoo analysis, the best stuff is the analysis that can be explained in
terms of human behavior at its base. Martin Pring's technical work
falls into this behavioral analysis category.
He
writes today at Market Watch:
In June,
I posted
an article on MarketWatch entitled “Are commodity prices about to
explode?” The question mark was there because a lot of ingredients were
in place for a major rally, but I also pointed out that we really needed
confirmation from some of the key averages.
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