Ann: Ceasing to be a substantial holder, page-44

And to follow that logic other people can pre-empt the actions of those people who are pre-empting the actions of people who do believe that there is a science to it.

In mathematics this could only be shown to be true by induction if the n=1 case is true, namely that you can see patterns and profit from them based on past movements.

From what Iv'e read of these studies the evidence seems to indicate that you can't 'really' and when you can the profits are pretty minimal for retail investors.

I'm very skeptical of TA but it may have some minor use. Either way I don't think humans and TA have much of a future in this area. If you combine machine learning, pattern recognition algorithms and advancements in AI does anyone really think humans can compete?

Also, I'm pretty sure firms such as renaissance technologies would of been all over this already, and twenty other companies like it. As far as I know they could have already and it been found to be a zero sum game between all the algo traders, just like a supercomputer drawing with itself at chess a thousand times.