The problem with the efficient market hypothesis as it is stated above as "Therefore, a stock cannot be overpriced or underpriced for a long enough period of time to profit therefrom, and as a result there is little to be gained by any type of technical analysis or fundamental analysis. is that people actually make money trading in the market.
I personally see the market as, amongst other things, a medium for the transfer of money. People make and lose money on the financial markets everyday. I see it as money flowing in 2 directions:
1. from the unlucky to the lucky
2. from the stupid to the smart
The current market price is just that. A snapshot in time. It is the current bid/ask spread and the last done price. It reflects how much you could get if you sold and how much you would have to pay if you wanted to buy at that point in time. It does not give any indication whatsoever about what is going to happen to the price at any other time in the past or future.
The past is viewable with the 20/20 vision of hindsight, usually aided with a good graphing tool. The future ... ahh ... the future. Everyone bets on the future. Everyone has their own system. Some make money, some lose money. That's the way the market works.