Technical trading means being able to let different views wash over your back, like water flowing by. Many don't believe that technical analysis (TA) actually works. “It's a self-fulfilling prophesy...shapes and patterns...baloney, horse feathers, hogwash”. Perhaps they don't get the concepts.
But even those that embrace TA in their short-run trading decisions tend to toss it out the window when it comes to long-run implications. Why? Do the behavioral aspects of supply and demand not hold in the long run? Are there magic powers that exist on a smaller timescale, like the subatomic forces at work in the universe that don't impact the larger day-to-day world? Those that embrace technical analysis for the long run are a much smaller bunch.
Despite that bias, there continue to be long-term charts of price action that defy that logic. The Nasdaq's 20-year chart is one of them. On a long-term basis, it seems perfectly happy to let the TAs have their technical way with it. The bearish Bat harmonic has been playing out and may be completing; the Elliott Wave pattern fitting in as well with a Wave IV due -- and expected to be a more flat corrective wave -- before another push higher. But I guess there's nothing to see here.
Yes, those that embrace technical analysis for the long run are a much smaller bunch.
I'm proud to be one of them.