Technical Analysis: Conclusion

  • There is evidence in support of the usefulness of moving averages, momentum, support and resistance and some patterns; but no convincing evidence in support of Gann Theory or Elliott Wave Theory.
  • Technical analysis works best on currency markets, intermediate on futures markets, and worst on stock markets.
  • Chart patterns work better on stock markets than currency markets.
  • Nonlinear methods work best overall.
  • Technical analysis doesn't work as well as it used to.