In technical analysis, people stare at charts and look for patterns. They come up with weird things like dead-cat-bounce and weird tools like candlesticks. I never trust them for more than a cursory sorting of stocks.
This.
I wouldn't trust any TA without a confidence interval, a log-likelihood, classifier accuracy, or anything of the like. I ESPECIALLY wouldn't trust an analysis (or a speculator) that claims they do not need statistics.
Doesn't matter if you're using Morse wavelets or drawing triangles if all you do is look at the margin and cherry pick.