Can Trading With Indicators Really Be Considered Technical Analysis?

I know that this may be a rather controversial subject but if you think about it, can trading with indicators really be considered technical analysis? I know that the majority of traders use indicators, when they are trading, but are these indicators really giving them any kind of insight into the market?
Anytime you put an indicator on a chart, you are basically using some kind of mathematical formula to spit out some kind of representation of the market. For instance, if you put a Stochastics indicator on your chart, the indicator will use its calculations to tell you whether the market is oversold or overbought.
So my question is who is the one who is actually doing the analyzing? The trader or the indicator?
After all, I don't think it takes that much analysis to read a stochastics indicator and say if the lines are above 80, then the market is overbought, and if it is below 20, the market is oversold. Can't anybody really do that?
Also, not to mention the fact that the information you are receiving is completely lagging. It is telling what has happened in the past, and doesn't really provide any insight into the future.
Also how could something like oversold/overbought be measured? Just because the market is oversold, does it mean that it has to go back up? Of course not.
The problem that I see with indicators is the fact that it's like a shortcut. Instead of traders just looking at a price chart and trying to understand or analyze, what its trying to say, most traders prefer to just slap on random, arbitrary, and lagging formulas onto their charts.
John Templeton has been a successful forex trader after getting the right kind of forex trading education. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared.