I think all that technical analysis stuff is basically trying to study and then extrapolate from the historical tracks of the activities of a large group of humans (i.e. mass psychological dynamics) + some large trading computers (which were programmed by humans)… in other words, a very indirect way of reading the market tea leaves.
Better I think to try to put a finger on the pulse of current market psychology directly, and estimate where it’ll go from there. But good luck with that. The actions of mass numbers of people seem fractal to me at best. To say nothing of the computers.
