:-0 Some studies have shown that a high percentage of chart patterns may be simply random, squiggly lines on a piece of paper. Burton Malkiel in A Random Walk Down Wall Street described an experiment his students participated in, using a hypothetical stock trading at $50 a share. Each day they flipped a coin, plotting heads as a 1/2-point daily gain and tails as a 1/2-point daily decline. The resulting stock chart from these random coin flips displayed all the classical chart patterns such as head-and-shoulder formations, flags, pennants, triangles, tops, and bottoms. There were even indications of cycles in the random tosses.