I think charts function more as a measure of human sentiment.. but there are some similarities to astrology imo.
I think often times people THINK charts move based off of news but I find more from my observation that people see movement in charts then go looking for reasons and attach it to news.. would be like doing philosophy backwards where you form a conclusion then go look for premises to support that conclusion... instead of the more logical other way around.
I think honestly more than anything else charts explain the percentages of people react to different stimulants in different ways... Certain %'s of people will buy up blood on the streets.. certain people look for confirmed chart reversals.. others are late reactors but still early enough to make money. Then you get fomo'ers who are looking to get in before its too late, certain percentages who will dump on them.. early followers that get out in healthy profits.. etc. I think the measurements of this phenomena really explain human behavior and chart's success even though I believe in technical analysis, is nothing more than a self-fulfilling prophecy.. because enough % of people think that they work.
