The enduring utility of simple channels in a complex market

Been watching $TOP today, obviously a bit wild out there at 10.45, down 5.17% with that 9.33-11.12 range. It got me thinking, with all the AI, quant models, and advanced algorithms dominating the market discourse, how much are people still leaning on fundamental, almost primitive, technical analysis? I'm talking about simple horizontal support/resistance, trendlines, and channels – the stuff you learn on day one.

I find myself constantly going back to these basics, especially on higher timeframes. While a lot of the 'smart money' seems to be focused on complex indicator overlays or trying to game every micro-swing, the cleanest moves, to me, often respect very clear channel boundaries or key support/resistance levels. Is it just me, or does anyone else feel like the market, despite its sophistication, still operates within surprisingly straightforward visual frameworks? Am I underselling the power of the newer tools, or is there a timeless effectiveness to the old school? Push back if you think I'm off base.