> Therefore, markets are all inefficient _on all timeframes_.
You obviously have no idea what you are talking about.
The efficient market hypothesis is perhaps the most studied financial analysis of equity markets ever done.
A LOT of important work, like Black-Scholes is based on it.
The fact that markets are efficient cause exactly the opposite of what you claim. Since all public information is already accounted in the price, successful trading becomes very difficult, and success relies either on use of non-public information or random chance.
The prime originator of it is University of Chicago Professor Fama who was the first recipient of three major prizes for research in Finance; the 2005 Deutsche Bank Prize in Financial Economics, the 2007 Morgan Stanley American Finance Association Award for Excellence in Finance, and the 2009 Onassis Prize in Finance. His other awards include the 1982 Belgian National Science Prize (Chaire Francqui), and the 2006 Nicholas Molodovsky Award from the CFA Institute for his work in portfolio theory and asset pricing.
He's been nominated for the Nobel Memorial in economics several times. There is little doubt he will eventually win it.