How Would Technical Analysis Be Viewed under the Weak Form of the Efficient Market Hypothesis?

Under the weak form of the Efficient Market Hypothesis, technical analysis is considered to be completely useless. The weak-form EMH states that all past price and volume data is already fully reflected in the current market price.

Since technical analysis is based entirely on identifying patterns and trends in this historical data to predict future price movements, the hypothesis implies that it cannot offer any advantage. According to weak-form EMH, there is no discernible pattern in past price movements that can be used to consistently generate excess returns.