The most striking features of long range charts is that not only are trends very clearly defined, but that long range trends often last for years. Imagine making a forecast based on one of these long range trends, and not having to change that forecast for several years!
The persistence of long range trends raises another inter­esting question that should be mentioned—the question of ran­domness. While technical analysts do not subscribe to the theory that market action is random and unpredictable, it seems safe to
observe that whatever randomness does exist in price action is probably a phenomenon of the very short term. The persistence of existing trends over long periods of time, in many cases for years, is a compelling argument against the claims of Random Walk Theorists that prices are serially independent and that past price action has no effect on future price action.