The truth about whether trendlines, indicators, price action, or even throwing the bones work is more complicated than simply saying they do not.
The complexity can be summed up as: 'They always work—except when they don't.'
However, unlike shop hours, it's not an open or shut case.
Example of success
No doubt failures abound and the mighty can fall:
https://www.trade2win.com/threads/tesla.239430/post-3270034
- An overabundance of indicators is symptomatic of uncertainty.
ThePatternSite.com is internationally known author and trader Thomas Bulkowski's FREE website for research on chart patterns, candlesticks, and much more!
thepatternsite.com
Provides free access to stock market chart patterns, Elliott waves, busted chart patterns, event patterns, and so on, written by internationally known author and trader Thomas Bulkowski.
thepatternsite.com
Alcoa (AA): All time chart - TradingView Charts (free)
IMO: Technical analysis needs to be balanced with some fundamental analysis.
* The immediate above image - not shown in the above main chart image - is located to the right and under the Watch List column in TradingView Charts.
Click - Alcoa Corporation in the above image* to get to the below screen, then click Forecast
Buffets Opinion
A paid service I use.
NOTE: I have no commercial arrangement with said service - there are many such services available - this example is by way of illustration only.
If I remember correctly, there is a daily limit of free queries.
AA Intrinsic value at current close price 33.95 USD.
- Worse Case: 32.80 USD
- Base Case: 47.82 USD
- Best Case: 74.86 USD
Calculation: At current price Base Case Intrinsic Value projection = 40.85%
- (( 47.82 / 33.95 ) - 1 ) * 100 = 40.85%
- ((47.82 - 33.95 ) / 33.95 ) * 100 = 40.85%
With added fundamental data a fuller picture of possibilities emerge - keeping in mind: only taxes and death are certainties.
Nevertheless, unless shorting and/or prohibitive broker maintenance fees, there is no urgency of time on unleveraged instruments.
Further research may provide a fuller picture.
Below merely an example of further research.