Not sure I understand this study tho, and whether or not it relates.
Which isn't to say that technical analysis is unfounded. And I do believe that there are opportunities that exist for individuals that haven't been arbitrated out of the market by the professional quants simply because they don't represent enough money to be interesting on an institutional scale. But it takes something like a bear market to really know for sure if you've found those opportunities, or if you're just riding a rising tide that lifts all boats.
As someone that trades on fundamentals I like to think of that as reading tea leaves. Literally non sensical. Oh yeah sure that pattern is the upside down elephant so we should go short...
No smoke without fire though so I assume some are making money with it. Just doesn't seem like a sound idea to me.
Most folks who feel the allure of day trading don't realize that to make it work it has to be your full time job. You can't just make some trades, go off and do something else, and expect to make any money.