Absolutely great experience shared BasantJi.....
The seminal line in your that post according to me is ..... "castle of mental strength"....once again signifying all those posts of ED Seykota.
and I DONT know what is an ostrich pattern.... I guess i come from a compeletly different school of Technical Analysis.... i dont watch those Bulls, bears, pigs and Now an ostrich.
However there is a different pattern in "Elliot Wave theory" called a "Bow-tie" pattern. I heard from an elliotician friend that Nifty is in one such pattern. The confusing part of this pattern is that it could break on either direction, hence he was neutral on the market. May be he will always he neutral beoz if the market breaks "up", then it would be "overbrought" and if it breaks "down" it would be "oversold" to do anything.....
I would rather stay with the trend ....
Note : everyone would call a Dow rally from 1000-12000 (1982-2000)....12x, however I call it from 500-12000 (1977-2000) ....24 Times.
The sensex at 3000 was Dow 500 ....Sensex at 7000 (break from a Long term rising channel -- Monthly line chart) was Dow 1000
If sensex were to follow the Dow ...I guess one can easily call the target.
I guess one can easily see the difference in my perspective....
Investing and trading ....is a life long journey...Not an eventual destination.