Does Technical Analysis evolve and improve?

The brief answer is: Yes.

The question is: Since technical analysis is based only on price movements, there must be limitations on the knowledge growth possible in TA.
After all, how much analysis is possible on prices!
Therefore, all the knowledge that could be developed has probably been developed. No further research is needed.

My answer to this question is : Like most other arts and sciences, Technical Analysis, evolves, discovers, innovates and improves.

TA started with Candlestick analysis in Japan, several hundred years ago. It was rediscovered in America in the late 1800’s, then bloomed into a variety of innovative thoughts: classical charts, Wyckoff, Elliot waves, Gann, Hurst, point and figure, and more. In recent years, developments include cycle analysis, data mining, system trading, portfolio testing, high frequency trading, automatic pattern recognition, inter market relationships, trading in ETF’s, futures and options. This list could easily continue.

I would suggest to TA traders and analysts: understand that learning is a continuous process. Have the hunger and thirst to learn more and more.