Amateur investor for 30+ years. A while back, I researched the mathematics behind technical analysis and chart patterns. I thought that by having a better understanding of the fundamentals, I could make better decisions and become a more efficient and effective trader. My results were surprising. 1. There is little rational or mathematical basis behind technical analysis. 2. Most theories and techniques in technical analysis are fundamentally flawed because of the way the moving average (a fundamental tool of technical analysis) is computed and used. 3. There is no empirical evidence that chart patterns contain any information whatsoever. 4. Technical analysis is an excellent example of confirmation bias. Technical analysis is nothing more than voodoo investing. Like astrology, it is based on nonsense and dressed up to look like science.