Technical analysis works to the extent that one recognizes that market fluctuations on any given day are random and cannot be predicted. The manner in which haejin assess charts is misleading - it presumes that patterns will definitively play out as charted and this is underscored by his recurring use of the word "profit" in his post titles. It is disingenuous, to put it lightly.
Where technical analysis fails is in evaluating the intrinsic value of assets. The current market price does not always represent this accurately, as market participants often underestimate or overestimate the worth of whatever it is they are trading/investing in. Setting arbitrarily defined price targets into uncharted territory is not helpful in illustrating this point, however. And so the voodoo that is promoted by many "market analysts" discourages novice traders and investors from actually learning about the aspects of technical analysis that may be helpful in developing their buy/sell strategy.
Ha ha, this is definitely a problem, but I'm wondering... how many people does he have to burn in order to fall from grace, or is being correct 50% of the time enough for him to stay relevant and beloved?
I think many of his followers and the followers of other commonly trending users are simply quick to upvote to reap the curation benefits. It points to an inherent flaw within Steemit. Curation should extend beyond just upvoting content that has a propensity to trend.
Very, very true, and hopefully the issue is dealt with appropriately in future upgrades.