Unless the whole field is showing up again in the same race the following week I reckon it is pretty much a load of c#$p dreamt up by racecallers! The usual argument seems to go that horse A beat horse B 2 weeks age - horse B then won a race so when horse A lines up for his race the "formline" says he will win. What about all the other runners lining up against A? What about the relative strengths of the various races? Distance changes? Weight changes? etc, etc, etc.

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"Computers can do that????" - Homer Simpson