MNS Chart, page-1164

There are also chartists who interpret charts when they should rather be observers of the trends, before jumping to conclusions!

Here is an example:

***Sometimes it's just so easy so why make it complicated ? Triangles in space and non-existent fib levels and yet surprisingly the same forecasts sometimes come true.104 to 107 is achievable if Mr.Gartley and Mr.Carney are correct - after all they have a lot more experience. Followed closely by the much published Cabbie - so between the three of us we will help. It's as simple as AB=CD ------- if all goes well. Note C sitting right on the famous Cabbie retrace candle group. (there is copyright on the pattern name so don't use it without permission).***

In this case the question probably should be asked, based on "the famous Cabbie retrace candle group" has the short term down trend (B to C) ended and is it terefore justifiable to apply a Harmonic AB=CD Pattern with a theoretical target of $1.05? 

As it happened in reality, the downtrend had not finished and continued the very next day with SP falling from 69.5c, where the prediction was made to the low of 51c or a further 26.6%!

As can be seen above, it is important to actively observe charts and their trends, consider ideas and see them turn into possibilities, but act only when they turn into probabilities with consideration given to targets/Take Profit points (TP), Reward/Risk ratios, position sizing and capital risk management (SL)!

Cabbie: ***Perhaps you can indicate any failed attempt on my part to state there was a change of trend ?***

Seeing that you ask for it, this Cabbie, is one contribution in answer to your above question.