Since expressing ridicule scepticism about technical analysis a few months ago, we have been politely badgered by reader John Brims, who has been sending us charts and murmuring about wedges.
We will confess that we have not been listening too carefully, because, well, because we think technical analysis is a bunch of bullsh**.
But John has been persistent, so we’ll give him his chance to shine.
John says the chart below indicates that the world is about end. So hang on to your hat!
Henry, I am going to give up on you. As a non believer you are missing out. These 5 wedges have clearly shown the end of each rally and on each occasion have signaled further heavy falls. The fifth wedge which I have sent you several times has just broken to the downside and indicates extremely heavy falls are now in the pipeline.
(Let us at least go on record as saying that we’re generally bearish, too, for reasons having nothing to do with wedges.)