You often here folks on TV saying the chart does look good, it needs more time. So what are they talking about. Well let's put your mind at rest.
The simple pattern is 'steps'. Price action climbing up and over resistance during a bullish phase. If the chart reader can not determine the stepping nature in the chart then simply the reader is lost in the trees and cant see the forest. If the professional cant see the step formation than of course they say 'the chart is not right!'. Easy peasy!2 2
Here is a classic example.
Analysis of the steps requires a deep understanding if Richard Wyckoff logic. Here is a good place to start.
Investing Quote...
"The Tape Reader's profits should develop naturally. He should buy or sell because it is the thing to do - not because he wants to make a profit or fears to make a loss" ~ Richard D. Wyckoff
"The four most dangerous words in investing are 'This time it's different' " ~ John Templeton
