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I really don't understand why people don't think fibonacci indicators or
tape reading is not based on past prices. Exactly what do you look at?
If you DEFINE leading to mean an indicator that doesn't take into account
past prices, then all indicators based on past prices ARE NOT leading.
This means fibonacci too! About the only ones I can think of are
astrology based indicators and some fundamental based indicators.
If you DEFINE leading as able to have some predictive value about future
prices, then even moving averages may be relevant.
I think we'd be better off discussing the PREDICTIVE ABILITY of various
indicators, rather than arguing semantics over whether something is
leading or lagging. As far as measuring predictive ability, we at least
have a ton of statistics that we can apply (e.g. confidence levels, etc.)
so that we don't have to argue over semantics.
Larry Lewis
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