TA makes no sense under the assumption that people are rational, but most people aren't (including some professional funds since many of their retail customers judge them on a short term basis, so they have to adhere to the shortterm fluctuations and can't only focus on the long run) - that's why so many buy on top and sell on bottom. Most of us have bought on "top" btw, and are being encouraged to sell now that we (hopefully/likely) are on the bottom.
Most people act like sheep, and from my understanding (which is very limited in terms of TA) TA is (or is supposed to be) good to predict the behaviour of these sheep. TA has nothing to do with fundamentals, but everything to do with psycoplogical/sosial aspect of the (short-term) PPS.
This is where the place for value investors come; find the hidden gem before the herd comes, and sell it (or part of it) when it becomes over-valued and the herd flees
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