Statements of the form "the chart of XYZ is bullish (or bearish) because of this one indicator or that one indicator or that trendline over there or that nice pattern forming" show a remarkable – but also naive – attempt by the part of those who make them to turn post hoc analysis into forecasting. In most cases, the decision as to whether the chart is bullish or bearish is not even related to the state of indicators or any chart patterns but to the cognitive bias of the analyst.
http://www.istockanalyst.com/finance/story/6488242/charts-are-never-bullish-or-bearish-people-are
