Being interested in technical analysis for close to 60 years I read just about every book I could find in the library back in the sixties and early seventies on the subject. Naturally, that included point and figure charting. While interesting I never really pursued it and over the years when I have looked at some calls made by P&F chartists I never found them to be consistently accurate. Maybe too small a sample size or the particular practictioners weren’t that good? I just never found it all that useful. I do find from time to time when I look at a P&F chart on something I am researching, the chartists come up with very entertaining names for the various patterns. Case in point the recent gold chart. Apparently the P&F folk have labelled gold’s recent pattern as having a bullish “catapult”breakout on Thursday May 4th. That was the blowoff top and pullback day and so far there hasn’t been any catapult higher, yet. I find the terms amusing and entertaining but usually not very useful.