From time immemorial man has always wanted to look what lies in future. It is so important for a man to actually understand what lies in store. It helps him / her to cut down on so many wasteful enterprises and endeavors. The longing could be as simple as understanding the climate, to guessing the longevity of a relationship, to possible analysis of baby's future and many million more things. Over a period of several millennia, man has developed several intricate strategies / methods to enable him to understand, or more precisely best-guess, the future possibilities.
To solve these issues several divination systems that have come into existence. The system of one is nonsense for another but there are several methods out there and with vast majority of them undocumented or probably even lost forever.
These systems, the use of them, for several centuries were strictly guarded secret. It was essentially because information is critical, and especially information regarding future is super critical, powerful and profitable. Owners and guardians of these methods were rich and clergy of their times.
One of the systems in this vast array of divination schemes is technical analysis. Fortunately, for many of its professors it is one of the better studied, scientifically, than most others. And results per se are comforting or not so, depending on who you ask.
Technical analysis, has transformed itself into a form of a pseudo-science for a simple reason that there are tones of data that we can accurately analyze. We cannot analyze the results of tarots or tea-leaves but the statistical systems can analyze technical analysis and every facet of it.
[This analysis should give us enough confidence that it is more of a science than a pseudo-science, however IMO, even with all the paranellphia of research, literature and proofs, what technical analysis does is try and figure out the best guess of future probabilities. Since, the future is essentially unknowable; we are vastly better served in realizing the technical analysis at the end of the day is a pseudo science.]
If you were to distill down all the divination systems, you will find one true common thread among all of them. You will find that every divination system believes that the answer of future already lies in you. That is, whatever be the method used to understand a particular question, the answer already exists in you. These rituals and systems themselves often have no relevance other than be able to help the user to reach the point of 'divining' (which I would guess is essentially the stage where the thoughts / information is given an attribute of future)
The important point is there is no new addition in any of the systems. No new information comes in, nor does it come from anywhere else. Only the existing information is used, in probably unknown ways, to come out with answer that is to have some semblance of solution for future. Hence, they are essentially a projection of the interpretations that has already been formed in the mind of the user.
This is important because like all divination systems, technical analysis is also ultimately a projection of the trader or investors view on the market on the price charts. People see what they want to see, there is no other way to see it. As long as this is the approach undertaken, even in technical analysis, i.e. with a deep reliance on that unknown hand, technical analysis can be placed on equal parity as tea-leaves, bibliomancy or aviomancy or other mancies.
The best of use of technical analysis tries to break away from this 'relying on subjective' and form a pattern of consistent use, irrespective of the mood or condition of the reader at any stage. Basically, technical analysis helps a trader and investor to create rules, independent as they may be, to be used uniformly across all the situations and circumstances. This reliance, on the market to tell you something through the shades of your rules, though can be interpreted as a mancy in its own way, is very efficient because the results stay the same whoever the reader may be. This is not possible with any other science of divinations that we come across.
Therefore, technical analysis though a pseudo science, trying to achieve the impossible, is able to help us in cutting out all the divinatory noise, and is able to give us one consistent reading irrespective of the mood, condition or bias of the reader. And this property of technical analysis is what makes it a reliable window of looking into the future and betting on it, even though we have only probabilities to rely on. Over a consistent use of these techniques and favorable probabilities, the user will ultimately be benefited. This is why technical analysis remains a better study than others.
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