I am not a big believer in correlation equals causation. I am not even a big believe in chart correlations and this is coming from someone who spent a lot of time studying technical analysis and DeMarks. Just because a chart says X or Y, does not mean it is going to happen. If charts where 60% true, then there would be no other need for any type of investment analysis. We would all sit around and just read charts about the future. For this reason, I think we need to be careful at the temple of chart worship, but we should be very aware of the real world as it has a nasty habit of getting in the way and usually at the moment, we forget the meaning of hubris.