Keep in mind that the vast majority of the market is driven by institutional investors and the prices are largely set by those big players. Let's say that TA works, but it doesn't scale to that level (i.e. it only provides returns on marginal volume).
TA would never grow large enough to compete with the institutional investors who are actually driving the market, it would never gain pricing authority, and the gains would continue to be available to anybody playing in the margins.
As an analogy- you could say that you're scavenging for scraps behind a big fish. Sure, it doesn't scale. And sure, not everybody can do it or it would fail. But, if there are enough big fish, and you don't mind waiting for scraps, there's food to be had
Note that this is no argument for or against TA, it may still be bogus. I just don't think you can assume it's bogus because it would get priced in
TA would never grow large enough to compete with the institutional investors who are actually driving the market, it would never gain pricing authority, and the gains would continue to be available to anybody playing in the margins.
As an analogy- you could say that you're scavenging for scraps behind a big fish. Sure, it doesn't scale. And sure, not everybody can do it or it would fail. But, if there are enough big fish, and you don't mind waiting for scraps, there's food to be had
Note that this is no argument for or against TA, it may still be bogus. I just don't think you can assume it's bogus because it would get priced in