AVZ chart, page-6230

I think you'll find they have a plethora of statistical data backing these patterns.

also, there's a huge amount of people that trade based on this information which in turn somewhat makes it a self fulfilling prophecy.

By all means don't use it as a core strategy, however I don't think having more information to base decisions off is a bad thing.

I personally base my capital allocation on the fundamentals of the stock. Then use to monitor when to get in and when to get out (either partially or completely depending on the information at hand).

Not advise, but discrediting something you perhaps don't fully understand or respect may not be the best fundamental decision .