In the early 1970s, when the Efficient Markets Hypothesis was really strong, Burton Malkiel, wrote a book called A Random Walk Down Wall Street, which claimed that technical analysis was bunk.

Multiple Choice

• Most academic research shows that this is still true today.

• Academic research over time found some element of truth to technical analysis.

• Academic research has rehabilitated technical analysis in full which makes sense because technical analysis stems from academia.

• That point was well substantiated in his book by a lot of references to academic research in his footnotes.