You guys crack me up. LOL! Technical analysis has no predictive value. Case in point: the most recent imaginary support line displayed on the chart cannot possibly help one determine whether to buy, sell, hold steady, or cash out entirely and retire to a remote island in the South Pacific. Ok, Captain Corn Pops, you might say, how right you are, but doesn't an analysis of several such imaginary lines when combined with a thorough analysis of volume and momentum indicators yield a useful analysis? No, no, no, a thousand times no. Technicians (generally) are merely drawing more and more lines so they can ultimately claim to be right no matter what happens.
Technicians can draw all the lines they would like but it's quite obviously (in general) bunk.
Your fundamentalist popcorn popper,
Captain Corn Pops