Hi Nowler,Forgive my ignorance but how does this work? . . .
If you've not read it already, you might find this Sticky useful: Essentials Of Technical Analysis. If you don't want to read the whole thing, the section most relevant to this thread is entitled: 1. Market Action Discounts Everything.
Additionally, be sure to check out post #3: 'Other Resources on T2W & Beyond' - especially the very last entry under 'EXTERNAL LINKS' about EMH.