That is because it isn't a self-fulfilling prophecy because most get the points wrong. Same with Fibs, same with volume, etc etc. They say this chit don't work.
Guess the bottom
- Thread starter Ed48
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A resistance level only becomes so when everyone believes it is a resistance level. And everyone believes it becomes that when they decide to sell at what they think that level is.
The only reason a level is formed is because everyone believes that a certain price is the top or bottom of a move. THROUGH TA!
Wrong.
Everybody, more than not, is wrong. Don't be wrong.
Markets top because buying has dried up, not because massive selling comes in. And vice versa.
Look at volume collapse at the top, increasing with every drop until capitulation swing low and decreasing on every rise. In bull markets the opposite.
Anyway if everyone knows where support and resistance is and everyone gets positioned, then ... cue the AFLAC duck (Gilbert Gottfried's voice) huh!!!!
Gotta shut down now, bad lightning storm here as typical this time of year.
Consensus puts S&P 500 at an average PE of around 5-7 by the time this bear market bottoms out. But that's assuming a quasi-SOFT-Landing... 
I don't hold much merit into optimistic 'soft landings'.
Now, using that as a unit of measurement, feel free to extract it to crypto and assign your beta value.
In any case, I MAY be wrong, maybe we'll hit a perfect touch-down after all, and then go on a 20-year ballistic bull-run. So feel free to ignore everything I've said and keep partying.
I don't hold much merit into optimistic 'soft landings'.
Now, using that as a unit of measurement, feel free to extract it to crypto and assign your beta value.
In any case, I MAY be wrong, maybe we'll hit a perfect touch-down after all, and then go on a 20-year ballistic bull-run. So feel free to ignore everything I've said and keep partying.