Market Technician No 100 - March 2026

Editor's Letter

Welcome to the 100th edition of The Market Technician, an issue that reflects both the depth and the evolving breadth of technical analysis in a rapidly changing market environment.

Markets today sit at a crossroads. Liquidity cycles, artificial intelligence, behavioural dynamics, and shifting macro regimes are forcing analysts and traders alike to rethink long-held assumptions. Yet, as the contributions in this journal demonstrate, the core principles of technical analysis—price behaviour, pattern, trend, and discipline—remain not only relevant but essential.

This issue opens with news of an event that embodies that continuity and evolution: IFTA 2026, which the STA is proud to host in London.

Bringing together global leaders in technical analysis, quantitative research, and market strategy, the conference will explore how our discipline adapts in an era increasingly shaped by technology, data, and automation—without losing its human and behavioural foundations.

A recurring theme throughout this journal is the idea that analysis alone is not enough. In Why Chart Analysis Isn’t Enough (pg 8) we explore the critical distinction between recognising technical edges and converting them into a structured, repeatable trading process. This is echoed across several contributions, reinforcing a central message: successful trading requires not just insight, but structure, discipline, and self-awareness.

Our research section exemplifies the intellectual diversity within modern

technical analysis. From socioeconomics and collective behavioural dynamics (pg 16), to macro liquidity cycles driving Bitcoin (pg 21), to latecycle market stress and asset rotation, these articles highlight how technical analysis continues to expand beyond charts—integrating psychology, cycles, and cross-asset relationships into a coherent analytical framework.

We also pause to remember two towering figures in our community. The passing of John J. Murphy, John Cameron FSTA and Connie Brown MFTA (pg 13-14) mark a significant loss to the world of technical analysis. Their contributions—to education, research, and the sharing of knowledge—have shaped generations of analysts, both within the STA and globally. Their legacies endure in the work they left behind and the many professionals they inspired.

Our Analyst Focus (pg 28) interviews provide a more personal perspective, reminding us that mastery in this field is built over time through curiosity,

experience, and reflection. Meanwhile, the review of Reminiscences of a Stock Operator (pg 30) serves as a timely reminder that the psychological challenges faced by traders a century ago remain strikingly familiar today.

Finally, this issue highlights the value of professional standards and community. Whether through the use of STA post-nominals (pg 10), participation in education programmes (pg 34), or engagement with fellow members, the STA exists to support analysts at every stage of their journey—from students to seasoned professionals.

As ever, The Market Technician aims to inform, challenge, and inspire. I hope this edition encourages you not only to refine your technical skills but also to think more deeply about structure, behaviour, and the discipline required to navigate markets successfully.

Thank you for reading, and for being part of the STA community.

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The Society of Technical Analysts is thrilled to be hosting the 39th IFTA conference here in London on the 9th -10th October 2026

Over two exciting days, IFTA 2026 will bring together the world’s leading experts in technical analysis, quantitative trading and financial markets to explore cutting-edge strategies, modern applications, and emerging trends shaping the future of finance.

With artificial intelligence becoming increasingly commonplace, delegates will explore how technical analysis can advance, examine changes in trading strategies and consider new opportunities and emerging challenges. Attendees will gain insights from top industry experts on cutting-edge AI applications, quantitative techniques, practical trading methods, and robust risk management in today’s fast-changing markets.

Headline speakers include the biggest global names in technical analysis: Perry Kaufman, Kaufman Signals; Linda Bradford Raschke; Zoe Bollinger, Bollinger Bands; David Keller, Sierra Alpha and Robin Mesch, Robin Mesch Associates.

This exclusive global event will bring together a diverse group of up to 200 in-person delegates, providing access to a live-stream audience and connecting you to an influential technical analysis community of over 7,500 traders, investors, quants and financial professionals worldwide.

The City of London provides the perfect location for this prestigious global gathering. The distinctive combination of historic character and financial setting offers a memorable environment for both the conference sessions and related social events.

FRIDAY, 9 OCTOBER

A Welcome Cocktail Reception at the prestigious National Liberal Club, one of the finest private members’ clubs in the UK. Set in a Renaissance-style grand clubhouse steeped in political history, it offers a fascinating glimpse into Britain’s political past.

SATURDAY, 10 OCTOBER

The IFTA Gala Dinner at Plasterers’ Hall, one of London’s most elegant livery halls. Guests will enjoy a networking reception, a three-course dinner and live entertainment from a Beatles tribute band — a fitting finale to a truly British experience.

Tickets: £150pp

The event will also include a reunion for STA Diploma holders who have graduated since 2016. If you interested in this reunion please email Katie Abberton on info@technicalanalysts.com

Join the IFTA 2026 Conference and be part of the global technical analysis community!

Discounts for STA and IFTA members. Click here for full details and to register!

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Partnering with IFTA 2026 is more than just a branding opportunity — it's a chance to position your organisation at the forefront of the global financial conversation. As a valued sponsor, you’ll benefit from:

• Global Brand Exposure. Showcase your brand to a worldwide audience of over 7,500 financial professionals, including technical analysts, quantitative traders, institutional investors, and independent market participants.

• High-Impact Networking. Connect directly with key decision-makers and thought leaders from across the financial industry in a focused, high-value environment.

• Product & Service Showcase. Demonstrate your latest innovations to a targeted, engaged audience—ideal for launching new products, gathering feedback, and building new partnerships.

• Elevated Brand Recognition. Your logo and brand messaging will be prominently featured across all conference materials, digital communications, livestream platforms and promotional campaigns before, during, and after the conference.

Become a Sponsor and Gain Global Visibility!

Please contact Eddie Tofpik, STA Chair and Conference Director.

Why Chart Analysis Isn’t Enough:

The Missing Structure in Technical Trading

Technical analysis has matured into a sophisticated discipline, supported by decades of research, practitioner experience, and market observation.

Its tools—trend analysis, pattern recognition, intermarket relationships, momentum studies, and more—offer traders a range of identifiable edges. Yet despite this, a persistent gap remains between knowing technical analysis and trading successfully with it.

This gap is not caused by a lack of analytical skill. It is caused by a lack of structure.

Many technically competent analysts continue to struggle with real world trading outcomes because chart analysis alone does not constitute a trading strategy. Edges exist, but without a framework to contain and express them, they dissipate through inconsistent execution, emotional decision making, and inadequate risk control.

Edges Require Structure

An edge is only valuable when it is expressed through a repeatable process. Without structure, even robust edges leak away through:

• Inconsistent entries that vary with mood, recent performance, or market noise

• Emotional exits driven by fear, hope, or impatience rather than predefined rules

• Oversized positions that distort risk and amplify volatility

• Undersized positions that fail to capitalise on valid opportunities

• Lack of routine, leading to missed signals and reactive behaviour

• Absence of evaluation, preventing learning and improvement

• No risk framework, leaving the trader exposed to avoidable drawdowns

Technical analysis provides the raw material for trading. Structure turns that material into a functioning system.

The Components of a Tradable Strategy

A complete trading strategy requires far more than a chart pattern or indicator signal. It must define:

• The Trading universe

• Filters that narrow opportunity sets

• Setups that express the edge

• Entry Rules and Initial Stop Placement

• Triggers that confirm participation

• Trade Management Protocols

• Exit Logic—on strength, on weakness, or condition based

• Position Sizing aligned with volatility, objectives, and risk tolerance

• Portfolio Eposure Rules

• Daily and Weekly routines

• Post trade Analysis and performance metrics

• Psychological Safeguards to maintain discipline

This structure is what transforms technical analysis from an interpretive art into a professional trading process.

Why Traders Struggle to Build Structure

Most analysts are trained to interpret charts, not to design systems. They can identify a hammer, a breakout, or a divergence but they have not been taught how to:

• Evaluate which edges are consistent

• Match edges to their personal style and timeframe

• Build strategies around trend, mean reversion, short term patterns, or intermarket signals

• Select exits that align with market conditions and their own statistics

• Size positions rationally

• Develop routines that support consistency

• Assess robustness or future proof a discretionary approach

• Manage the psychological demands of real time decision making

This is not a failure of technical analysis. It is a failure of structure.

A Course Designed to Bridge the Gap

The From Charts to Strategies programme was created specifically for qualified technical analysts—or those with equivalent experience—who understand charts but want to trade with greater consistency, confidence, and professionalism.

Across six live sessions, the course provides a practical, structured pathway from edge identification to strategy development and real world implementation:

LECTURE 1

A trader’s framework—strategy components, edges, trade structure and risk management.

LECTURE 4

Routines, records, psychologyand the business of trading.

LECTURE 2

Consistent edges from technical analysis— trend, mean reversion, pattern recognition and inter-market relationships.

LECTURE 5

Discretionary system design, back testing, robustnessand an introduction to systematic approaches.

LECTURE 3

Building strategies around edges—breakouts, pullbacks, short term patterns, exits, multi timeframe logic and position sizing.

LECTURE 6

A follow up panel session addressing practical challenges arising from coursework and implementation.

The emphasis throughout is on practical structure: how to turn technical insights into a coherent, testable, repeatable trading process.

Conclusion: Technical Analysis Is Necessary, But Not Sufficient

Chart analysis provides edges. Trading requires structure.

Without structure, edges leak away through inconsistency, emotion and unmanaged risk. With structure, those same edges become the foundation of a disciplined, professional trading approach. For analysts seeking to evolve from chart readers to strategy builders, the missing link is not more indicators or more patterns—it is a framework that integrates technical insight with process, risk management and behavioural discipline.

That is the work that turns technical analysis into trading.

Click here for more details on the STA’s new ‘From Charts to Strategies Course’ starting 7 April 2026. A Practical Course on Using Technicals to Trade FURTHER DETAILS

Why Your PostNominals Matter:

MSTA & FTSA

This week I wanted to highlight something important — the professional designations you can proudly place after your name once you’ve advanced through the STA pathway.

Earning Your MSTA

After passing both Part 1 and Part 2 of the STA Diploma, members are entitled to use the designation MSTA (Member of the Society of Technical Analysts) after their name. It’s more than just a few extra letters: it’s a mark of your expertise, dedication and standing in the world of technical analysis.

Recognising Exceptional Contribution: FTSA

For those select few who have made significant contributions to technical analysis over their careers, there’s the honour of being awarded a Fellowship. This carries the prestigious designation of FTSA. Fellowship is a peer recognition of your work and I can tell you from experience that being awarded this is a truly proud moment.

Why These Post-Nominals Matter

You might wonder: why bother using these letters after your name?

Here’s why they’re so valuable:

• Instant credibility & professionalism: They signal to clients, employers, and colleagues that you have recognised expertise and formal credentials.

• Clarity without explanation: Instead of explaining your entire CV, these postnominals communicate your qualifications in a compact form.

• Differentiation: In fields crowded with practitioners, these designations set you apart.

• Demonstrates commitment: Earning and maintaining professional qualifications involves years of study, rigorous exams and ongoing education. Your post-nominals reflect this dedication.

• Builds trust:

People seeking professional services may not know all the details of your background but they often recognise standard designations, boosting their confidence in your abilities.

• Supports networking & publications: At conferences, in research papers, or professional directories, these letters immediately show peers where your expertise lies.

Accreditation & Partnerships

It’s also worth noting that the STA Diploma Part 1 and Part 2 exams are accredited by IFTA. Members who pass both exams can register as CFTe holders, adding even more international recognition to their credentials (on payment of IFTA’s accreditation fee).

Additionally, the STA has partnered with the Chartered Institute for Securities & Investment (CISI) to collaborate on advancing education and professional standards across the financial services industry. This partnership offers:

• Recognition of the STA Diploma for eligibility to CISI’s higher-level qualifications.

• Exemptions from specific CISI units for STA Diploma holders.

• Joint initiatives to further professional development.

NB: To continue using the MSTA designation, you must maintain your STA membership.

In Summary

Whether you’re just starting your journey or already proudly signing your name with MSTA or FTSA, remember that these letters do more than decorate your signature. They represent your hard work, your professionalism and your place in a respected community of technical analysts.

Lifting the Lid on what it takes to be a Master Trader

The argument for structured education and mentorship

Financial markets reward skill, discipline and judgment but many aspiring traders approach it like a hobby with little formal preparation. As distinct from medicine, engineering or law, trading is often seen as something that can be selftaught or learned informally through trial and error. Academic research and institutional practice, however, suggest the opposite. Structured education, defined by sequenced learning, formal feedback, and disciplined review, is central to developing consistently successful traders along with guided mentoring.

The Role of Structured Education

A growing body of academic literature shows that trading performance is not primarily a function of intuition, gut instinct or risk appetite but of fundamental and technical analysis, feedback mechanisms, trading psychology and disciplined decision-making. Barber and Odean’s research on individual investors demonstrates that untrained traders tend to overtrade, underestimate risk and systematically underperform the market due to behavioral biases such as overconfidence and poor self-control. 1 These findings are reinforced by behavioural finance research showing that without structured frameworks, traders are particularly vulnerable to emotional decision-making in times of uncertainty. In short, untrained and self-trained traders tend to lack the technical analysis and psychology skills of a master trader.

If we look at professional trading, research by FentonO’Creevy, Nicholson, Soane, and Willman, examined

traders in major financial institutions, found that emotional regulation, rule-based decision processes and reflective learning were stronger predictors of performance than raw intelligence, intuition or experience alone. 2 Importantly, these capabilities were most effectively developed in environments that emphasized formal instruction, simulation, and post-trade review — all core elements of a structured education approach to trading.

Structured education provides traders with:

• A coherent mental model of markets;

• Risk and position-management frameworks;

• A shared language for evaluating decisions; and

• Repeated exposure to historical and simulated market conditions.

Without this foundation, experience alone often reinforced bad habits rather than improving performance.

From Structure to Mastery: The Role of Mentoring

While structured education builds the foundation, mentoring is what transforms knowledge into professional judgment.

This reality is reflected in how elite trading institutions develop talent. Profiles of leading trading firms in the financial press consistently emphasise that new traders are not simply hired and left to perform. Instead, they undergo extensive onboarding, supervised trading and continuous feedback before any important funds are entrusted to them.

A Forbes feature on institutional trading firms notes that

success at firms such as Jane Street, Citadel and similar organizations is driven less by intuition and more by systematic preparation, rigorous internal training and constant performance review. 3 These firms invest heavily in structured development not because talent is scarce, but because untrained talent is unreliable in complex, fast-moving markets.

Major banks such as Goldman Sachs, JPMorgan, and Morgan Stanley operate apprenticeship-style models in which junior traders work under senior supervision for extended periods. Industry reporting and firm disclosures describe environments where trades are reviewed daily, assumptions are challenged and learning is embedded directly into workflow. 4

Mentoring serves several functions that education alone cannot:

• Translating theory into live-market decision-making;

• Providing real-time feedback under pressure;

• Enforcing discipline and risk management; and

• Helping traders identify blind spots that are invisible in isolation.

A combination of structured education and mentorship mirrors development models in other regulated high-performance professions — from medicine and law to elite athletics — where mastery is cultivated deliberately and not accidentally.

Bridging Research and Practice

The lessons from academic research and institutional practice are clear. Trading is not a solitary pursuit mastered through instinct or luck. It is a professional discipline that benefits from formal education, structured feedback and experienced guidance. This fact is beginning to influence how trading education itself is structured outside large financial firms. Universities and academic institutions, such as the International Trading Institute (ITI) 5 , have developed a Masters in Trading and other professional level courses that apply academic rigour and structured progression to professional trading development, mirroring the training models seen in institutional environments.

As markets become more complex and competition intensifies, the traders who succeed will not be those who rely on intuition alone, but those who are trained — systematically, reflectively and under the guidance of seasoned professionals.

References

1. Barber, B. M., & Odean, T. (2000). Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Journal of Finance. https://doi.org/10.1111/0022-1082.00226

2. Fenton-O’Creevy, M., Nicholson, N., Soane, E., & Willman, P. (2011). Thinking, Feeling and Deciding: The Influence of Emotions on the Decision Making and Performance of Traders. Journal of Organizational Behavior. https://onlinelibrary.wiley.com/doi/10.1002/job.720

3. Forbes.

Man or Machine: Who Owns the Future of Trading?

(Discussion of institutional trading firms, training intensity, and systematic preparation.) https://www.forbes.com/sites/forbesbooksauthors/2024/12/19/man-or-machine-who-owns-the-future-of-trading/

4. Goldman Sachs. Training and Development at Goldman Sachs. https://www.goldmansachs.com/careers/life-at-goldman-sachs/training

5. The International Trading Institute (ITI) is a higher-education-focused institute developing structured professional pathways for traders. https://internationaltradinginstitute.com

In Memoriam

JOHN

J. MURPHY

Despite his stature, John always regarded himself first and foremost as an educator.

It is with great sadness that we share the news of the passing of STA Fellow, John J Murphy - one of the true greats of technical analysis and a towering figure in the global financial community.

A pioneer and leading proponent of intermarket technical analysis, John’s work over several decades profoundly shaped how generations of analysts understand charts, trends, and the dynamic relationships between markets.

A best-selling author, he is best known for Technical Analysis of the Financial Markets, a landmark work that remains a definitive reference in the field and forms the foundation of the STA Diploma and equivalent qualifications worldwide. For countless professionals, his books were not simply studied—they were career-defining.

John was a respected and influential voice in the financial industry for more than forty years, widely admired for his rare ability to make complex concepts accessible to a broad audience. His insights and expertise led to frequent appearances on national financial television, including a long-standing role on CNBC, and to close collaboration with numerous professional organizations. Despite his stature, John always regarded himself first and foremost as an educator.

In recognition of his exceptional contributions, John was a Fellow of the STA and received the International Federation of Technical Analysis (IFTA) Award for Outstanding Contribution to Global Technical Analysis.

Beyond his professional achievements, John was a devoted family man who found joy in reading, following sports, and spending time with family and friends. He spoke fondly of his childhood in the Bronx and remained a lifelong Brooklyn Dodgers fan. He is survived by his daughter Clare Murphy and her husband Steven Wong; his son Brian Murphy and his wife Meng Murphy; and his cherished grandchildren Avery, Landon, and Isobel.

John will be deeply missed by the global technical analysis community. His influence, teachings, and legacy will continue to guide and inspire generations to come.

JOHN CAMERON, FSTA

It was with great sadness that we heard of John’s passing in September 2025.

John was instrumental in setting up the STA’s educational programme and for over a decade held the position of Head of Education and Chief Examiner.

John was born in London in 1933:his childhood was coloured by weekly outings to Regent’s Park zoo to see the chimpanzees, swimming in the Serpentine and even a photo shoot at the newly unveiled Peter Pan statue in Kensington Gardens which made it to the papers.

A brilliant student, he won a scholarship to Barts Medical School but a serious motorbike accident cut short his career as a doctor and in the 50s John worked as a copywriter before a tactical shift over to television. It was an exciting time as the technology was new and the industry attracted the talent of the time: Ridley Scott and Jilly Cooper numbered among the creatives who worked with him. The agency counted PG Tips as a client and it was John who suggested a chimp’s tea party:perhaps all those trips to the

CONSTANCE “CONNIE” BROWN MFTA

It is with great sadness that we learned of the passing of Constance “Connie” Brown on October 15, 2025.

Connie began her career as a manager for professional colour films at Eastman Kodak. In 1988, she left Kodak to pursue her growing passion for the financial markets, developing her talents in the stock trading industry. She became a professional institutional trader specializing in S&P 500 trading in New York City and Boston and later served for six years as a Global Equity Futures Hedge Fund manager. In 1996, Connie founded Aerodynamic Investments, Inc. to advance the field of market cycle timing.

Connie held numerous professional certifications, including Chartered Market Technician (CMT), IFTA Certified Financial Technician (CFTe), and the industry’s highest designation, IFTA Master of Financial Technical Analysis (MFTA).

She generously shared her passion and expertise with others throughout her career. Connie travelled worldwide teaching

zoo provided the inspiration.

In the 1970s John swapped the glamour of advertising for the civil service (with a focus on mathematics) but in the 1980s, a career change into investment planning led John to sit the Society of Technical Analysts’ diploma, achieving such a high grade that the STA asked if he would devise and run a diploma course for them.

He was only too pleased to oblige, writing the course and giving lectures, first at South Bank University then at the London School of Economics, setting STA diploma and CFTe II exams and marking them. John had a natural skill for unpicking complex notions and presenting them simply and he garnered huge praise from the traders, brokers and fund managers he counted as students.

The Society recognised him by awarding first a fellowship and then last year setting up a scholarship in his name. This career, which ran for 20 years until he was in his 80s was his proudest professional achievement. The STA did not want him to retire and neither did he but he had to accept that driving weekly from Hereford to London was too much.

John changed the lives of so many of those who had the good fortune to have been taught by him. His contribution to education in technical analysis both here in the UK and internationally is profound and enduring.

seminars and authored nine books. Her book Fibonacci Analysis won a Gold Medal at the 2009 Axiom Business Book Awards. In 2018, she was inducted into the Canadian Society of Technical Analysis Hall of Fame. Her most recent book, The Thirty-Second Jewel (2019), was recognized by the industry as the primary resource on W.D. Gann’s methods, formulas, and time factors.

Connie’s deep expertise in Gann analysis led the Society of Technical Analysts (STA) to ask her to write the Gann unit for the STA Home Study Course. She also delivered the Gann lecture for the annual Diploma Part 2 Course.

On November 16, 2021, Connie was locally recognized by the Town of Tryon and Mayor J. Alan Peoples for her many accomplishments and her lasting contributions to the study of financial analysis and the technical analysis industry.

Before her career in finance, Connie was a world-class swimmer. Throughout her life, she maintained a deep love for horses and her beagles—especially her last two companions, Sam and Bailey. She also enjoyed fencing and practiced Taekwondo.

Connie Brown will be remembered for her brilliance, generosity of knowledge and enduring impact on the world of technical analysis.

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Beyond Rationality: How Socionomics Reframes Behavioural Finance

By The Society of Technical Analysts

Abstract

Behavioural finance has long challenged the assumptions of neoclassical economics by introducing psychological realism into models of investor behaviour. Yet even behavioural finance often retains a reactive view of markets—assuming that external events shape investor sentiment and drive price movements. In contrast, the socionomic perspective, as articulated by Robert Prechter and Wayne Parker in their seminal paper “The Financial/Economic Dichotomy in Social Behavioural Dynamics” proposes a radical inversion: that collective social mood is endogenous and causally precedes both market trends and social events. This article explores the implications of socionomics for behavioural finance, arguing that it offers a more coherent and predictive framework for understanding financial market dynamics.

Rethinking the Foundations: From EMH to Socionomics

The efficient market hypothesis (EMH), once the cornerstone of financial theory, posits that prices reflect all available information and that markets tend toward equilibrium. Behavioural finance has chipped away at this idealised view, revealing persistent anomalies—calendar effects, overreaction, herding, and bounded rationality—that defy EMH’s assumptions.

Prechter and Parker take this critique further. They argue that EMH and its supporting theories—utility maximization, rational choice and mean reversion—fail not just empirically but conceptually. Financial markets, they contend, are not governed by the law of supply and demand in the same way as economic markets. While consumers buy more when prices fall, investors often buy more when prices rise. This positive feedback loop is not irrational but expressive of a deeper, collective psychological force: social mood.

The Financial/Economic Dichotomy

At the heart of the socionomic model is a sharp distinction between economic and financial behaviour:

Feature

Motivation

Price-demand relationship

Market dynamics

Causality

Economic Behaviour

Conscious, utilitarian reasoning

Inverse (lower prices > higher demand)

Equilibrium-seeking

Exogenous events drive behaviour

Financial behaviour

Unconscious, mood-driven herding

Positive (higher prices > higher demand)

Non-equilibrium, dynamic

Endogenous mood drives events and prices

This dichotomy reframes financial markets not as mechanisms for price discovery based on fundamentals, but as arenas where social mood is expressed through herding behaviour. Investors, under uncertainty, do not act as rational agents but as participants in a collective emotional wave.

The Law of Patterned Herding

Socionomics introduces the “Law of Patterned Herding” (LPH) which posits that herding behaviour in financial markets follows recognisable, fractal-like patterns. These patterns are not random but structured, reflecting the internal dynamics of social

mood. This insight aligns with empirical observations of market cycles, bubbles, and crashes that defy rational explanation but exhibit consistent forms over time.

Prechter and Parker support this claim with data showing that financial market participation, trading volume, and asset allocations all rise and fall in tandem with prices—contrary to what traditional demand theory would predict. For example, during the 1990s bull market, stock ownership surged across all demographics, not because of improved fundamentals but because rising prices fuelled optimism and participation.

Implications for Behavioural Finance

Socionomics challenges behavioural finance to move beyond the individual and toward the collective. While behavioural finance has illuminated cognitive biases like overconfidence and loss aversion, it often treats these as deviations from rationality rather than as expressions of a deeper social dynamic.

By incorporating socionomic theory, behavioural finance can:

• Reframe anomalies as patterned expressions of mood, not errors.

• Predict market turning points based on mood indicators rather than news.

• Understand financial crises as mood-driven cascades, not exogenous shocks.

This shift has profound implications for risk management, forecasting and policy. It suggests that efforts to “correct” investor behaviour may be misguided if that behaviour is not individually irrational but socially emergent.

Conclusion: Toward a Mood-Centric Finance

Prechter and Parker conclude that financial markets are fundamentally different from economic markets because they are governed by endogenous social mood, not rational valuation. This insight demands a paradigm shift in behavioural finance—from a focus on cognitive flaws to an appreciation of collective emotional dynamics.

As behavioural finance continues to evolve, socionomics offers a powerful framework for understanding the rhythm of markets. It invites researchers to explore not just how people think, but how they feel—together—and how those feelings shape the financial world.

Read the Full Article

Rumble in the Market Jungle

Robin Griffiths is Senior Advisor & Investment Strategist at RW Advisory. Robin has served as Head of Multi-Asset Research & Advisory at the ECU Group. He was previously Chief Technical Strategist at HSBC Investment Bank for 20 years, before becoming Head of Global Asset Allocation at Rathbones, and then a director and technical strategist for Cazenove Capital Management.

Ron William CFTe is founder & CIO of RWA, an award-winning, macro-tactical, research and advisory firm, to a wide range of financial institutions & professionals, producing differentiated alpha, insightful idea generation and unique market timing.

In this Rumble in the [Market] Jungle, the bull may have risen like a butterfly, but the bear has once again shown its ability to sting like a bee. In Q4 2025 US equities triggered a 5% drawdown alert from their 52-week high, activating the Canary signal. Read more details here.

It was part of an impulsive wave reversal pattern, further confirmed by a rare confluence of DeMark© exhaustion signals, which led to a breakdown under a 6-month trend-channel. Watch S&500 key support at 6500, which serves as an important downside trigger level (Figure 1). Only a weekly close above the psychological level of 7000 would resume the bull-trend and neutralise this latest mean-reversion signal.

Meanwhile, a review of the recent burst of volatility shows it hit to the market like a sharp combination punch - not only exposing broad weakness, with more than half of the index-related equities falling below their long-term trends (Figure 2), but also delivering a targeted blow to the most crowded leaders as their positions unwound.

The very AI champions that powered its prior 2024-2025 advance - most notably Nvidia, Oracle, and a select group of mega-cap peers – have become the epicentre of selling pressure as macro headwinds intensify (Figure 3 & 4a). What had been a narrow march upward has now become an asymmetric retreat, and that concentration is magnifying fragility.

In behavioural terms, Nvidia’s sell-off — despite strong earnings — paired with the spike in Oracle’s debt and CDS risk (Figure 4b), signals a clear shift in investor psychology. Markets are moving away from rewarding pure growth narratives, instead refocusing on balance-sheet resilience, durable cash flow, sensitivity to financing and interest-rate risk.

Macro uncertainty remains the critical undertone. The Fed’s communications have turned more data-dependent, leaving markets oscillating between disinflation optimism and a renewed caution that that policy may stall. Treasury market liquidity is also tightening at the margin, increasing the sensitivity of equity valuations to even modest rate shifts. As is often the case late in the cycle, the combination of policy ambiguity and thin liquidity is generating outsized swings in sentiment.

Digital assets offered an early signal that risk appetite was fading, particularly given their high liquidity sensitivity (Figure 5). Yet the broader landscape also highlights an important counterbalance: gold continues to function as a key proxy for diversification. Its recent pullback has been sharp but contained into key support at $4400, and its relative strength versus risk assets remains notable (Figure 6)

Investors should not overlook the significance of this bifurcation. The assets that benefited most from years of abundant liquidity are now proving most vulnerable to its withdrawal, while stores of value with credible scarcity continue to attract capital seeking resilience rather than momentum.

This shift in preference is a hallmark of a late-cycle environment - pausing between fighting combos, reminiscent of the calculated pacing in boxing legend Ali’s Rumble in the Junglesetting the stage for the next round to unfold. All eyes now turn to the potential final knock-out punch into Q1 2026, as several independent timing models align.

Among them is the Foundation for the Study of Cycle (FSC) spectral analysis (Figure 7), pointing to a high-risk cyclical inflection point. In parallel, multiple late-cycle stresses converge: tighter financial conditions; decelerating growth indicators; margin pressures; and the unwinding of crowded trades. The stage is set for a potentially sharp and decisive shift.

While each factor may be manageable on its own, their intersection elevates the risk of episodic volatility and sharp under-the-surface rotations. In this environment disciplined positioning is not just prudent, it is essential. Portfolios should balance liquidity with selective risk-taking, emphasise balance sheet quality over speculative growth and maintain diversification through uncorrelated assets.

Flexibility, patience and close attention to market breadth will be critical navigational tools in a dense and shifting jungle. The bull may return with grace into Q1 2026, but for now, the bear’s sting demands respect

Our priority remains clear: protect capital, seek tactical hedges and stay prepared for the market’s next big swing. Follow our RWA tactical strategies to enhance trade setups and market timing. Keep your guard up, stay light on your feet - the next volatility surge could hit fast. Be alert. One, two!

Welcome feedback and questions

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The Grand Alignment: How Global Liquidity Cycles Drive Bitcoin's Rhythm

MICHAEL HOWELL

Dr Michael J Howell has worked in finance for over 30 years. Formerly Research Director at Salomon Bros where he developed the concept of ‘Global Liquidity’. He is author of ‘Investing in Emerging Markets’ (1995 and ‘Capital Wars’ (2020).

Lars von Thienen is a cycle analyst and researcher with a strong technical background. A Board Member of the Foundation for the Study of Cycles, Lars has been involved in cycles for over 25 years, publishing two books on cycle analysis.

Our fundamental thesis is that the dominant cycles characterising Global Liquidity, rather than conventional money supply figures or isolated U.S. dollar trends, are the paramount forces dictating Bitcoin's price and its developing role as a value store sensitive to macroeconomic shifts.

Given that these dominant cycles can be identified as both long-term and short-term, a more detailed analysis of this data is essential. This publication is a collaborative endeavour between Capital Wars / Michael Howell and the Foundation for the Study of Cycles / Lars von Thienen, aimed at performing a cyclic analysis on the Global Liquidity Bitcoin Basket.

CrossBorder Capital is a London-based, FCA-regulated, independent fund management firm. Founded in 1996 by Michael Howell, CrossBorder Capital developed a reputation as an independent investment advisory and macro research firm specializing in the monitoring of Global Liquidity Flows. The firm's expertise lies in dissecting the complex interplay between global capital flows and asset valuations. Dr. Michael J. Howell has worked in finance for over 30 years. Formerly Research Director at Salomon Bros., where he developed the concept of 'Global Liquidity', he is the author of 'Investing in Emerging Markets' and 'Capital Wars'. He also provides regular updates in his blog Capital Wars

The Foundation for the Study of Cycles, (“FSC”) a non-profit established in 1941 by economist Edward R. Dewey, focuses on discovering, analysing and applying recurring patterns in nature, markets and society. Its work is premised on the principle that cycles persist. They revert after distortion, often synchronize and tend to have counterparts across various disciplines. Lars von Thienen, a leading expert in cycle analysis, is known for developing algorithms for cycle detection and forecasting in financial time series. He has developed a platform for cycle-based analysis and serves as a Board Member of the Foundation for the Study of Cycles. Von Thienen has also published two books on the subject and actively shares his analyses with the public at cycles.org.

Mechanisms Linking Global Liquidity to Bitcoin Prices

The price action of Bitcoin is systematically tied to macrofinancial forces with Global Liquidity identified as the paramount driver. This connection is not merely a correlation but a causal relationship, where Global Liquidity actively influences Bitcoin's movements.

Unlike traditional measures like World M2 money supply, which primarily track retail deposits, Global Liquidity is a wholesale measure that focuses on the asset or credit side of the financial system. It captures the capacity of the entire world financial system to create credit and facilitate transactions. This is crucial because, as noted by Henry Kaufman, "Money matters, but Credit Counts". Global Liquidity is far larger than M2, sometimes by as much as two and a half times.

Global Liquidity takes an international perspective, considering liquidity created by multiple monetary authorities, including central banks outside the US like China's PBoC. It also accounts for private sector credit provision through various channels, such as banks, repo markets and shadow banks. Importantly, it embraces the concept of the "collateral multiplier," acknowledging that liquidity can be created outside traditional banks and is fungible.

The financial system is currently characterized by a "debtrefinancing loop" where approximately 75% of transactions involve refinancing existing debt. This environment creates a strong dependency on collateral (e.g., Treasuries, highquality bonds) and overall balance sheet capacity: precisely what Global Liquidity measures.

In this debt-dominated system, policymakers face the necessity to continually expand liquidity to prevent crises that could arise from collateral shortages and rollover risks.

This constant expansion of liquidity in the broader financial system, aimed at preventing instability, makes assets that can hedge against currency debasement, such as Bitcoin and gold, highly attractive.

Statistical analysis of ten years of weekly data shows that Global Liquidity systematically influences 41% of Bitcoin's movements. 1

Furthermore, Global Liquidity ("Granger causes") has predictive power over movements in Bitcoin and gold, while World M2 does not. This stronger and more robust predictive relationship confirms Bitcoin's greater sensitivity to Global Liquidity.

Bitcoin is increasingly behaving as a macro-sensitive store of value that responds to cycles in Global Liquidity rather than just relative trade flows or static currency influence. It is not tied to trade flows or GDP but rather responds to the global cost of capital, collateral availability and overall liquidity conditions.

Before discussing the connection between Global Liquidity and Bitcoin further, let's examine another crucial characteristic of Global Liquidity: its cyclical nature.

Timing the Liquidity Cycle: Long term 65-month cycle

The financial system's reliance on a "debt-refinancing loop" highlights a cyclical dependency, where policymakers need to continually expand liquidity to prevent crises. The longterm swing in Global Liquidity has been identified as having a 5-6 year period, typically around 65 months.

The cycle of Global Liquidity is shown in the following chart. Global Liquidity is measured here as a normalized index (GLI), which essentially captures its momentum.

According to the extrapolated data, the Global Liquidity Cycle should have peaked around September 2025, following its December 2022 trough.

This cycle was first identified through Fourier analysis, with initial studies dating back to the year 2000. Independent analysis by Lars von Thienen from The Foundation for the Study of Cycles confirmed these original findings and even added a second important cycle frequency at 76 months (6.3 years).

It is argued that this cycle likely resonates with a frequency similar to the average maturity of World debt. In essence, this represents the cycle of debt refinancing.

Given that the financial system is currently in a "debt-refinancing loop" where about 75% of transactions involve debt rollovers, policymakers face a continuous need to expand liquidity to prevent crises driven by collateral shortages and rollover risks. The cyclical demand for liquidity is a key driver, making assets like Bitcoin and gold attractive as hedges against currency debasement.

The 5-6 year global liquidity cycle is a recurring pattern in the expansion and contraction of global credit, closely tied to the refinancing of the world's debt, which compels policymakers to manage liquidity dynamically.

The current Global Liquidity cycle is not only getting mature, but it is also starting to look remarkably like the mid-1980s cycle that ended in the 1987 Crash in World stock markets.

Global Liquidity: 1981-89 and 2019-27

Understanding the significance of Global Liquidity, its cyclical nature and its direct impact on Bitcoin prices has led to the introduction of an improved metric for evaluating global Bitcoin valuations.

Introducing Global Liquidity Bitcoin Basket (GLI-BB™)

To better understand the liquidity dynamics related to Bitcoin, the Global Liquidity Bitcoin Basket (GLI-BB™) was introduced. 2

The GLLI-BB is a new benchmark designed to evaluate Bitcoin's value within the broader global monetary system, moving beyond the traditional view of Bitcoin solely against the US dollar (BTCUSD). It is a liquidity-weighted effective exchange benchmark for Bitcoin that aggregates Bitcoin's performance against a basket of 15 major fiat currencies, including the US dollar, euro, Japanese yen, and Chinese yuan.

Crucially, instead of using fixed weights or weights based on trade flows or GDP, GLI-BB™ applies variable weights based on each currency's contribution to Global Liquidity. These weights reflect the influence of central bank balance sheets, crossborder capital flow dominance and global reserve status, constantly adjusting to reflect the true monetary architecture that governs cross-asset pricing.

This is vital because Bitcoin is increasingly behaving as a macro-sensitive store of value whose performance is tightly linked to cycles in Global Liquidity, not static currency influence or trade flows.

The new index offers a structurally grounded measure of Bitcoin’s value that directly reflects changes in global liquidity conditions. This helps investors contextualize Bitcoin's price movements as outcomes of shifts in the underlying monetary regime, rather than isolated volatility. Investors are able to separate broad-based Bitcoin moves from those driven purely by changes in US dollar liquidity.

As Bitcoin's volatility naturally declines over time, the influence of these broader fiat liquidity dynamics grows, making GLIBB™ essential for understanding how Bitcoin is transitioning from a speculative asset to a store of value that responds to global liquidity. It uncovers macro signals that BTCUSD alone cannot.

GLI-BBTM 'BITCOIN BASKET' (Indexed at 1000, 01/01/2025)

Timing the Bitcoin Basket - Short term 200-day cycle

Bitcoin's performance is more tightly linked to cycles in Global Liquidity than to other factors like trade flows or static currency influence. The 5-6 year (65-month) prime-driver cycle in Global Liquidity, which represents the cycle of debt refinancing, is a fundamental force in the macro-financial system. This Global Liquidity is identified as the paramount driver of Bitcoin's price action, systematically influencing 41% of its movements.

The latest data indicates that this GLI long-term prime-cycle is nearing its peak. With the GLI Bitcoin Basket dataset now available, we can begin analysing shorter-term cycles. Examining these cycles on a daily basis will provide more precise timing for significant shifts in global fair Bitcoin pricing. We have conducted a more detailed cycle analysis using the current GLI BB dataset. The following chart shows the GLI-BB from 2017 to 2025 as daily data series.

Utilizing digital signal processing techniques, including de-trending, a cycle analysis has uncovered three prominent cycles with durations of 140, 164 and 202 trading days. As the data excludes weekends, the indicated lengths should be understood as trading days, not calendar days.

These three time-cycles exhibit considerable stability over time, meaning their variations in length and phase are minimal. This stability is a crucial prerequisite for applying these cycles to price charts.

The next chart presents a synthesized cycle derived from these three dominant cycles, overlaid onto the GLI BB data series. Additionally, a zig-zag curve is superimposed on the price at moments when the composite cycle shifts its direction. These zig-zag turns vividly illustrate that these three cyclical components effectively account for nearly all trend changes in the global liquidity bitcoin basket over the last decade of observation.

The analysis indicated a projected trend reversal around late August 2025, with the composite cycle anticipated to shift downwards towards the year's end. This downturn could suggest that the recently achieved all-time high might precede the next market correction. This observation gains further significance when considering a "cycles-within-cycles" analysis. We already know the long-term 65-month Global Liquidity cycle is nearing its peak, expected between September and yearend. Coupled with the concurrent downward turn of the short-term composite cycle, the alignment of these long- and shortterm cycles amplifies their predictive power, as cycles tend to be more impactful when their phases synchronize.

The nominal 200 calendar days cycle in action

The 140-weekday cycle within the GLI-BB provides even more compelling insights. Considering a full calendar including weekends, this 140-weekday-cycle equates to a length of 196-calendar-days.

This is particularly fascinating when recalling previous analyses of the BTC-USD series, which highlighted the nominal 200-calendar-day cycle as the most significant indicator at cycle tops. This 200-day cycle, extensively documented by the FSC over recent years, was instrumental in forecasting the major low and subsequent upswing in early 2023 when Bitcoin was valued at $16,000 USD. At that juncture, the 200-day cycle signalled the commencement of the next substantial upward trend, initiating the rally that has persisted until the present, with approximately five iterations of the 200-day cycle aligning closely with current timing. The FSC analysis also indicated a projected major top for summer 2025. 3

With the GLI-BB data and cycle analysis now available, confidence in this projection is increased, as the 196-calendar-day cycle (= 140 trading days), mirroring the nominal 200-calender-day cycle, is clearly discernible within the GLI Bitcoin Basket. The following chart shows the 140-trading-day cycle now plotted as 196-calendar days on the GLI BB data.

By looking at the most dominant cycle, this cycle has just topped with the index making a new all-time high. This cycle now not only confirms the importance of a nominal 200-day cycle in Bitcoin, it also validates that the 5th iteration of this cycle since the major low in 2023 has now arrived. 4

Summary

Long-term cycles are key to understanding Global Liquidity. Shorter cycles are also evident in BTC-USD data. Now, with the stable GLI-BB index, we can analyze these short-term cycles globally, independent of specific fiat currencies. Data analysis shows a "cycles-within-cycles" alignment between the long-term 65-month cycle and the shorter nominal 200-calendar day cycle, occurring now. To truly comprehend the newly introduced GLI-BB data series and its cyclical behavior, a more profound exploration of Global Liquidity, Bitcoin, and their interlinked cycles is essential. We eagerly anticipate further detailing our joint efforts on this subject between Michael Howell and the Foundation for the Study of Cycles.

1. https://lars.cycles.org/p/global-liquidity-bitcoin-cycles-michael-howell-lars-von-thienen#footnote-1-172965818

2. https://lars.cycles.org/p/global-liquidity-bitcoin-cycles-michael-howell-lars-von-thienen#footnote-2-172965818

3. https://lars.cycles.org/p/global-liquidity-bitcoin-cycles-michael-howell-lars-von-thienen#footnote-3-172965818

4. https://lars.cycles.org/p/global-liquidity-bitcoin-cycles-michael-howell-lars-von-thienen#footnote-4-172965818

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Malcolm Pryor has been a private trader and investor for over two decades. He is a graduate of Van Tharp’s “Super Trader” programme, and the author of several books on trading. He is a lecturer and examiner for the STA Diploma Course, a contributor to the STA Home Study Course, and a lecturer for the STA course “Technicals to Trading Systems.”

Representing England, he had success in international bridge events, including winning a Silver Medal in the 2019 World Championships.

“Most importantly, focus on mastering one strategy first rather than trying out multiple strategies simultanously. Once you have mastered one you can add others.”

MALCOLM PRYOR

Patricia Elbaz puts questions to Malcolm Pryor, FSTA

Malcolm, first of all Congratulations for your achievement as a Fellow of the STA, great news to start 2026! It’s a pleasure to interview you for the Market Technician Journal.

Can you tell us, how were you first introduced to Technical Analysis?

MP: Thank you very much Patricia. I came across Technical Analysis while investigating ways to enhance my investing. I saw various references to it in investing books and magazines. My initial curiosity swiftly became a major research project, as I discovered more and more tools which I felt could make a significant difference. I also joined the STA around about then, which was a great move, and the Diploma course gave my research a boost and some additional structure.

In your financial markets experience, which indicators would you recommend using when starting to learn about Technical Analysis?

LK: That would vary a lot depending on whom the recommendations are for. My personal preference right from the very beginning has been for Technical Analysis tools that:

(a) are fairly simple and straightforward to understand;

(b) help to answer specific questions before making a trading / investing decision; and

(c) don’t duplicate the role of other tools already being used.

As an example, for an investor who typically holds stock trades for a few months to a year it would be important to have charts on three timeframes (big picture, investment decisions, timing). Tools to aid the investment process might be candlesticks, a couple of moving averages, Bollinger bands, trend lines, a volume indicator (e.g. On Balance Volume), relative strength (versus an index) and one (only) other indicator (e.g. MACD). A sound investment strategy could be constructed utilising those tools.

You are a graduate of Van Tharp’s Super Trader Program, can you tell us what we can learn from it and how psychology affects day to day trading?

MP: Van Tharp is featured in Jack Schwager’s first Market Wizards book and the interview is well worth a read. There were three components of the Super Trader Programme:

(a) extensive work on beliefs, personal change and trading psychology;

(b) comprehensive planning for your trading business; and

(c) designing three trading systems that suited you and then trading them with the results audited.

Quite a few people did the first two steps, not so many the third step, all three steps were required to graduate.

You can get a good feel for what the Programme covered from Van’s book Super Trader (get the fuller second edition).

In general traders focus largely on their trading systems without realising how much their beliefs and mindsets can impact the results. There are a large number of techniques and trading routines available to counter-act some of the more common psychological pitfalls.

Can you tell us about your book and which message we can take, which strategy do you recommend when trading?

MP: The first book, which eventually ran to three editions, was launched in the early days of the expansion of spread betting, and had three main parts:

(a) Base Camp, covering the product and its suppliers, common spread betting errors, timeframes, stop loss control, order types and other practical issues;

(b) Climbing the Mountain, primarily covering strategies;

(c) The Route to The Summit, covering planning, record keeping, regular reviews, more on risk management, developing a winning attitude and continual development.

The key point of the book was to illustrate aspects of trading which differentiate winners from losers, enabling the readers to assess themselves and identify steps forward.

The right strategy will vary by individual and will depend on their objectives, timescales, risk tolerance, trading personality and preferences. For someone who is not yet consistently profitable, trading pullbacks in a trend can be a good start point. Most importantly, focus on mastering one strategy first rather than trying out multiple strategies simultanously. Once you have mastered one you can add others.

Finally, what advice would you give students and young professionals who are starting to learn about technical analysis and the many indicators?

MP: Keep an open mind about everything. Find out about and experiment with many techniques but really get to know and become an expert on a relatively small number of techniques which make sense for your analysis and trading.

Thank you so much Malcolm for sharing your knowledge and vast experience with us and congratulations on your prestigious fellowship!

We look forward to see many of you at future STA events listed on www.technicalanalysts.com

Reminiscences of a Stock Operator

A Timeless Classic for the Technical Analyst

Few books have achieved legendary status in the trading world quite like Reminiscences of a Stock Operator.

First published in 1923, this semi-autobiographical account of Jesse Livermore’s trading career—penned by journalist Edwin Lefèvre— remains a cornerstone of market literature. For technical analysts, it offers more than nostalgia: it’s a masterclass in market psychology, trend recognition and disciplined speculation.

Why does it resonate with Technical Analysts?

Livermore’s insights predate modern charting tools but his approach to price action, tape reading, and trend-following feels strikingly contemporary.

He famously said, “The market does not beat you. It is your own natural human impulses that do.” This psychological framing aligns perfectly with the behavioural finance principles that underpin technical analysis today.

His emphasis on:

• Following the trend (“Never argue with the tape”)

• Cutting losses quickly

• Letting winners run

• Avoiding overtrading and emotional decisions

…reads like a checklist for every disciplined technician.

There Are Lessons in Risk and Timing

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For STA members and students, the book reinforces key principles:

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• Market memory matters He observed recurring patterns and crowd behaviour.

• Risk is personal His downfall came not from flawed analysis but from emotional overreach.

A Psychological Blueprint

What sets this book apart is its deep dive into the trader’s psyche. Livermore’s internal monologue—his doubts, triumphs, and rationalisations—offers a rare window into the emotional rollercoaster of speculation. It’s a reminder that technical analysis is not just about charts but about mastering oneself.

A Note of Caution

While Livermore’s story is rich with wisdom, it’s also a cautionary tale. His ultimate demise underscores the importance of emotional resilience, financial boundaries and ethical clarity. STA readers should view his legacy as both inspiration and warning.

“a masterclass in market psychology, trend recognition and disciplined speculation.”

Verdict

Reminiscences of a Stock Operator is essential reading—not for its tactics alone, but for its timeless truths about markets and human nature. For technical analysts, it’s not just a memoir. It’s a mirror. Click here to download PDF version of the book.

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Does Technical Analysis share a Pillar with Alchemy

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Russell Napier

A New World Monetary Order – The Soft Underbelly of US Exceptionalism

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From Charts to Strategies

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This online course is designed for qualified technical analysts or professionals with equivalent experience, offering practical insights to help develop robust trading strategies grounded in technical analysis. Participants will explore the core components of a complete trading strategy, learn to identify consistent edges from technical analysis, and gain hands-on guidance in strategy development.

Delivered online via Zoom, this course runs for six 2-hour live lectures, 6pm-8pm UK time on the following dates:

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Delegates will be given post lecture coursework in own time. If you miss a session, you can catch up by watching the recorded video.

Who should study

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Course Objectives

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The course costs £1195.

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Bronwen Wood Prize 2025

This award is made for the best STA Diploma Part 2 Examination paper written each year if a score of 90% or above has been achieved.

It can be made to more than one candidate if more than one outstanding paper is received. If, on the other hand, it is the opinion of the judges that no such paper has been written in any one year, the prize is not awarded. Thus the merit of the award is retained.

Bronwen Wood was one of the founder Board members of the modern STA and died suddenly in late-December 2002. Bronwen was instrumental in developing both the STA Diploma Examination and the courses leading to the examination. She wrote and marked all the papers in the early years. Even when she went to work in Abu Dhabi from 1993 to 1999, Bronwen retained a lively interest in how the educational side of the STA was progressing.

In addition to her work for education, Bronwen was herself a great technical analyst, rated one of the best by her peers, particularly for her work on the equity indices and individual shares. For both her contribution to education, and for her outstanding analytical skills, she was made a Fellow of the Society of Technical Analysts in 1993.

Bronwen was also a long-standing member of the Board of the International Federation of Technical Analysts (IFTA) and of its Executive Committee, variously as Secretary and Chairman of the Nominations Committee. Through this connection, she was widely respected world wide, as well as in the UK, as an outstanding technical analyst and an expert in the teaching of technical analysis.

Congratulations to James Eptas for winning this year's Bronwen Wood Memorial Prize.

The prize is awarded for the best STA Diploma Part 2 paper of the year that has scored 90% or above.

James has a background in energy markets, most recently working as a Senior Gas Trader. He undertook the STA course to broaden his analytical toolkit and support risk management amid the rapidly changing conditions of energy markets.

He highly recommends the STA course to anyone looking to refine their approach to market analysis and trade execution

Well done again, James, on being the 2025 winner!

Winners

2025 James Eptas

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2008: Colin Simpson

2007: Michael Estry, Mark Andrew Lim, Colm McCaughley

2006: -

2005: Tom Winstone

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(w) x 139.5mm (h)

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The Market Technician has a circulation of approximately 1,500. Readership includes technical analysts, traders, brokers, dealers, fund managers, portfolio managers, market analysts, other investment professionals and private investors.

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Advertising is subject to approval by the STA Journal Committee. All advertisements must be non-discriminatory and comply with all applicable laws and regulations. The STA reserves the right to decline, withdraw and/or edit at their discretion.