I think for those arguing against technical analysis, it makes sense only if the guy arguing for or against it has a good grasp on the subject. Without knowing much about the subject, or having a very limited knowledge about the subject, the arguments dont bear any weight because in my view those arguments are done without full knowledge about the subject and more likely to be based on hearsay or half baked knowledge.
People here seem to argue that technical analysis is purely momentum based trading which it is not. Those who know how to use it and apply multiple techniques available in technical analysis can very easily detect bottom formations useful for long term investing as well.
Some arguments sound like the story of blind men touching different parts of an elephant and then trying to describe the shape and characteristics of the elephant.
For those interested in finding out long term wealth creation using technical analysis besides other modalities of investing, there was a list circulated by @basumallick which ennumerated long term wealth creators globally and in that you would find a lot of guys compounding wealth at astounding rates of returns who used TA. I think one can google it and find it or try to find abhishek’s presentation at VP Goa meet if he has shared it.