The point is that it's not a fundamentals OR technicals game.
Use fundamentals to identify the companies worth buying and the technicals to time the market. Nothing sader than being right way too early or too late. Once you've identified a good prospect it ALL about the timing.
I also think you are mistaken in 2 points when saying:
"The wealthy have, up until now, always been reluctant to sell regardless of the severity of the falls, as the market eventually goes up again"
It's the big money leaving that causes the big falls. Big money attaches no sentiment to it's use. If it can sell something today that it believes will be cheaper to buy back in the future it will. There are plenty of examples, but Packer selling his TV network for an extreme premium & then getting it back for a fraction later is the best known. I think you will find that it is small to medium money that is 'happy' to ride their shares down with the justification that "the market eventually goes up again", but why suffer until it does. Sell anywhere on the way down & buy around the bottom & you've got to be better off ........ & it's technicals that help you do it.
The buy & hold forever mantra is a con deployed to anaesthetize the punters while their wealth is redistributed..
