Hi,

thanks for your reply.

Though I admit the idea of a grand design (of the universe) is appealing, personally, I don't believe in that. The way I see it, an observation can be explained either by (empirical) facts or, if that isn't possible, by human psychology.

The argument you raise about a long standing resistance/support level. Well, if a certain level repeatedly seems to be a level of resistance/support, we will start believing it will be so again, next time. Why do we believe that? For the sole reason that it was so in the past. However... history will only repeat itself a limited number of times. If history repeated itself indefinitely, it would be all too easy to predict the future.

You justify technical analysis by stating "that it works". I am not denying that. However, there have been many studies, showing that behavioral psychology-based investing outperforms technical analysis. So, no, I don't think one should put all his eggs in the TA basket.

And about the universe: human nature shapes the universe. Not some intangible super creature :-)