PS: I accept that technical analysis is a broad church that encompasses everything from pseudo religous beleifs such as Gann and Elliot Wave through to the idiocy sunspots and astrology, to those who plaster their chart with indicators and ending up with simpletons such as me who simply trade in the direction of the trend.
The contention in the video is that traditional TA which is plastering the chart with indicators has become ineffective because the tone of the markets has changed due to the impact of machines. Therefore for equities trading, you have to rely upon weekly charts (something we have been doing for decades) in concert with being a simple trend follower (again something we have been doing for decades)
I would posit perhaps controversially that this style of traditional indicator-based TA has never worked and any appearance that it did work is simply a function of the analysis being coincident with an extended bull market that has run almost interrupted from 1987. Granted the GFC was a shock but it was a shock that only lasted for a year before the Dow gained nearly 22,000 points. Any tool you used during that time that said buy would have worked. So what you had was a simple coincidence as opposed to true observation and interpretation.
Trading is a simple profession – if it is going up you buy it and if it going down you sell it. Determining whether something is going up or down is not that hard and can be down very simply – the really hard part fo the equation is removing yourself from the decision making and making certain you don’t blow yourself up when in inevitably get it wrong.