In the 2 years that i have been trading HSI, Head & Shoulders is one pattern that appears all the time. I can't say for other markets since i don't trade anything else but this is the case with HSI. There is an obvious structure to the market and certain things repeat all the time on all time frames. I don't believe that markets are random.
I have a theory that all the big players(got to be very few at the very top) are aware of the big market moves beforehand. They don't directly fight with each other but rather compete with each other for dumb money(our) orders. News. wars, new laws, pandemics etc. only act as fuel and they very much control that as well. Even Donald Trump tweets come at almost perfect time. I have just observed too much for all this to be dismissed as just a pure coincidence.
There is a campaign(Accumulation/Distribution) before each move. It can last from few days to few months, even years depending on the size of next move.
Market makers can't be employing thousand of peoples to sit in front of computers all the time. Most of the trading must be carried out by computers. Computers will obviously work according to the algorithms they are programmed with.
I have very little PC knowledge, no financial background and my education level is secondary school so i am no expert. It's just my theory but hey, it works for me.
Patterns, wave counts, indicators, Fibs, indicators alone won't give you consistent returns unless you figure out the structure of the market you are trading and always keep context in mind before anticipating next move. Only other thing stopping you from consistently making money is you yourself and that is 80% of the trading.
Calm before the storm.
Do NOT dwell too much on it. Just something to keep in mind.
Anyway, it stays quite strong amid selloff of NY market.