I don’t agree with a great deal of what Robert Prechter writes and believes, but this is indeed true.

Gilburt: With the advent and proliferation of computer-executed trading, what effect have they had on Elliott Wave analysis, other than the speed at which trading is done?

Prechter: Virtually none. People build their errors of thinking into their programs.

Algorithms reflect what everyone “knows.” Which is often all wrong. Like cows, they herd, and stampede at a loud noise. This might be true even sans humans composing them, but is definitely true with humans coding them up.