Chart of the Week: the writing on the wall

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This week’s chart comes from what who I now must call my favourite trader – Peter L.Brandt

This chart was posted last night:

But it is actually part of this chart posted on Tuesday (yes it looks different because of compression):

Now Peter (and I) would contend that chartists and technical analysts do not portend to predict prices, they just provide a level of probability (and even that can be below 50% and you can be very profitable, which doesn’t please the mathematical egg-heads out there).

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But that’s a pretty good chart!