Is technical analysis just stock market astrology?
No. That comparison is an insult to astrology.While the made-up character is similar, Astrology is far richer in concepts, orchestration and story telling.Technical analysis is the ultimate dumbification of market structure and dynamics, which in itself is a major dumbification of the formal economy, which in itself is a major simplification of the stuff-that-matters(TM).The objective of technical analysis is to get as many low-information actors as possible to transact with as low-cost as possible technology (I would totally not be surprised if current "technical analysis" verbiage is 100% automated).