Panic provides good shorting and buying at a discount opportunities.
TA is a set of tools which helps in maintaining a perspective of the market. It also assists self -discipline.
If you walk into any stock trading room in he world what will you see? Will there be people stood around sucking their fingers and holding them up trying to see which way the wind is blowing? No, they will be staring intently at interactive charts overlain with technical levels of this and that. As they will pretty much be reading the same book as each other they will react very much like each other. In that sense TA is like a Highway Code; everyone adheres to the same rules. and then creates a self- fulfilling prophecy.
That is the human side of it. In fact 70 +% of trades made on the market are executed by robots. They are programmed with preordained algorithms devised mostly by mathematicians and physicists. Many sets of data will be fed into these uch as reaction to volumes, predictable market key events, currency levels, peer comparisons, stochastics, etc. The designers will be acutely aware of the basis of support and resistance points in the historical market which are based fundamentally on Fibonacci levels. The robots don’t predict they react. The skill humans need to acquire from experience is how these computers will behave in any given set of current circumstances. To achieve such, a rudimentary grasp of TA is essential.
Of course one can just buy something when instinct says it looks cheap and wait a longish time for uplift and maybe gain divis along the way. There is nothing wrong with such a strategy for the long term investor. What is wrong is to say that TA is garbage. It is far from being that.