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but you have to remember the vast majority of trades are made by humans and the vast majority of humans are emotional not always logical creatures. So the technicals which don't account for human emotions are bound to be wrong a certain (usually large)percentage of the time.

This is no longer true. Most trades are automated, to one extent or another. The intent is generally from humans, though--for example, if one person is bullish about a stock, and purchases 10,000 shares, it might lead to 30,000 more shares being traded by algorithms trying to capture profits from the tiny perturbations caused by this initial trade).

However, many stock trading algorithms appear to fade short-term trends and ride long-term trends (you can see this if you look at stocks with high hedge fund ownership; they tend to have gone up a lot, with any extreme moves quickly dampened).

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