It is worth saying that neither I involve in technical analysis of efficient market hypothesis nor I have ever been engaged in option technical analysis. What I believe is that it is of no use to engage in it.
I do not say that there is no productive value of technical analysis, instead I suspect of its productive value. There are many flaws in efficient market hypothesis. It is based upon unwritten basis that data is the key factor determining market prices.
Graham stated the following in “Security Analysis”:
“the influence of what we call analytical factors over the market price is both partial and indirect? partial, because it frequently competes with purely speculative factors which influence the price in the opposite direction; and indirect, because it acts through the intermediary of people’’s sentiments and decisions. In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion?”
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Tags: efficient market hypothesis, inappropriate metaphors, options technical analysis

You may have already heard the “buzz”, but just in case you haven’t, I wanted to let you know about this straight away.