particularly in the short term. Subsequently

From which you came to this interest in technical analysis

It has an unfortunate experience at the Paris stock exchange at the time of the crash of October 1987, while I was still a student. I have then sought new ways and methods to better anticipate and predict market movements, particularly in the short term. Subsequently, working on contracts the CAC 40 index in 1989, I was particularly interested "Elliott waves" technique theory developed by Ralph Nelson Elliott (1871-1948) in 1938, that the evolution of the markets takes place according to a series of successive waves, pulse 5 and 3 of opposite meaning, regardless of the scale of observation of markets, EDITOR'S NOTE. I put four to five years for good control and understanding, at the cost of important daily work. The method is as complex to complete; It requires the recognition of many graphical figures ("patterns") and the knowledge of many rules. It requires lots of patience in waiting for the realization of expectations and not to surinterpréter signals. This approach has worked very well when markets were operating on the mode of the auction, and less effective when they have evolved into electronics. New types of operators are then arrived, which changed the dynamics of the evolution of very short-term courses by creating lot of "noise".

That you have made in your profession of Manager

It helps to identify strengths and short and medium term market movements, which totally unnoticed fundamental approach. It is a good complement to it. One of its inputs is also in the spirit in which it puts you in relation to the rest of the market. It allows you to éva-luer the degree of implicit consensus in the market, and thus take advantage of optimism or undue pessimism. These moments often precede a significant market swings, during which the investor may carry out the bulk of its performance. Technical analysis therefore to find the best time where one must be "contrarian" and take the opposite in relation to the rest of the market. It promotes a form of independence of mind, which will serve as the Manager throughout his career. It is also a school of humility. The theory of Elliot waves and cycles economic (Kondratieff, Juglar) are also nearby in their assumptions: cannot escape cycles, one must accept and integrate a certain determinism, which is not natural and obvious to all investors. Technical analysis also brings discipline to managers through the use of tools such as "Stop orders" which allow them to notably improve their risk management.

Has the crisis changed the relevance of these methods

The crisis did not fundamentally questioned the technical analysis as a method and approach the markets. Thus, the magnitude of the rebound of the awards in March 2009 is for example remained consistent with historical standards. A difference with the past, however, the transactions that have accompanied this resumption were modest. End investors very few took part in the rebound to the difference of actors more "short-termistes" that are "hedge funds". Until the final investors will be not positioned again on the stock market, they will have beautiful days ahead!