The events of this year have shown that behavioural finance is the best explanation of market behaviour. The S&P/ASX 200 index started the year at 6,690 but by 20 February was up to 7,162 then down to 4,156 by 23 March after which it rebounded to 6,148 by 10 June. It is now obvious that it will be down again by the end of the year. This cant be representative of an efficient market..

What would be the EMH perspective of the last quote? How can these fluctuations be explained using the Efficient market hypothesis?