Just wonder how popular it is among economists.
do you use technical analysis in trading?
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to trot out the usual (obvious) argument; these things are self-fulfilling. If enough people believe in it then it will work in the short term, since whenever a signal is generated the people who believe in TA will buy/sell on it. If you have the latency (eg a HFT prop shop) and get in first before the price rises, and then sell before the market corrects, you will make money. Efficiency is only true (if at all) in the medium-long term, not necessarily on a scale measured in (milli-)seconds.