Although I am 82 years of age and bought my first shares more than 60 years ago, I am a relatively newcomer to TA and even newer subscriber to FTM. When TA becomes so widely accepted that, people like me are attracted, and it is easily available on the web: (see: http://www.marketwatch.com/story/sp-500-teeters-on-major-technical-support-2015-09-29-121033848), one can conclude that we, including your above "serious friend", are now probably part of a majority. What we conclude from TA about the markets is therefore a majority consensus and presents a case for being a good "contrary" indicator. There is plenty of "free" advice that says a bear market is imminent. There are also good TA indicators that a bear is possible. However, there are no fundamentals (e.g. imminent recession or high interest rates) to justify that bear market. When somebody like David uses his judgement to say that, if one waits for TA confirmation of the end of the correction, it may be too late to benefit from one's FTM subscription, this subscriber has confidence to continue the buying begun in near panic on 25 Aug 15.

David Fuller's view

Welcome to FTM and thank you for sharing your wisdom.  I agree with your comments and when things are obvious in TA, such as tops everywhere, it usually means that much of the downside has already been discounted.  Wall Street indices, such as the S&P 500, gave lots of advance warning by gradually losing upside momentum before breaking sharply lower.  Conversely, when lots of sustained uptrends eventually accelerate, we know that climactic activity is occurring.