I'd like to pose a new question here.
What are your thoughts on using past charts(candlesticks) that similar current ongoing charts(candlesticks) to make price predictions?
When asked this question to many professors and investors, a common response is, "Candlesticks reflect the psychology of investors."
Past graphs can be used as a reference if the graph has the same patterns and events over and over again and there is a possibility that the same events will repeat themselves.
Your answer is correct, there are many examples of this happening.