There is a reason TA is not bunk. The market is fundamentally a feedback mechanism in which investors react to market moves. It's a complex system that includes feedback loops at all different time scales, and numerous feedback generators each with its own characteristics, but it does have an impulse response function like any other feedback system. This much is elementary control systems theory. That impulse response function can be teased out with proper analyses and used to extrapolate market movements. This is complex and difficult however, so various simpler markers have evolved to attempt approximate direction; these are what the TA schemes are, basically. And yes, I've read "Random Walk" and you should read Buffet's opinion of it. If there's any flawed idea it's the notion that the market is efficient, which is the basis of the random walk hypothesis.
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