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Widespread use of computers has led to the development of some very sophisticated trend-identification techniques. Some of them work reasonably well, but most do not. The continual search for the “Holy Grail,” or perfect indicator, will undoubtedly continue,
but it is unlikely that such a technique will ever be developed. Even if it were, news of its discovery would
soon be disseminated and the indicator would gradually be discounted. It is as well to remember that prices are determined by swings in crowd psychology.
soon be disseminated and the indicator would gradually be discounted. It is as well to remember that prices are determined by swings in crowd psychology.
