EMH proponents do not rule out excess returns from technical analysis because ______

A. numerous studies document the ability of technical analysts to predict breakout points.
B. technical analysis remains widely used as a forecasting tool.
C. of results found in real-time studies monitoring the trading of technical analysts.
D. markets do not adjust perfectly, leaving the possibility of over- or under-adjustment.

Correct Answer: D

This has been substantiated by more recent tests looking at intraday technical indicators and trading rules. The profit opportunities do not last long and so are generally only available to market participants who are continually trading, like the large investment banking houses and specialist firms.