Why technical 'analysis' is garbage (explained by a quant developer)

Technical analysis, if you can even call it a form of analysis, is total garbage. Here's why.

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Stock prices follow a random walk:
1) web.williams.edu/Mathematics/sjmiller/public_html/…
2) www.tandfonline.com/doi/abs/10.2469/faj.v51.n1.186…
3) thescipub.com/pdf/jmssp.2010.342.346.pdf

Noise Trading and "Illusionary Correlation" in US Equity Markets: academic.oup.com/rof/article-abstract/17/2/625/159…

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