RE: charts I find a lot of validity to what you are saying regarding TA and penny stocks. That said, I would point out the following for your consideration
1. With penny stocks most day traders do buy the with the anticipation of fundamental news and sell when the news actually comes out, but a lot of smart day traders are also looking at the TA before buying on the anticipated news because for them, it is more critical to buy at the very bottom, unlike someone who is holding long term. Naturally there will always remain some day traders, but if I was day trading with Woulfe, I would definitely be following the TA to appreciate I should buy at .32-.33 which from a current TA point of view seems to be the current floor.
2. Your point seems to assume that most of the shareholders are in it for the short term. The tables are turning in that regard for Woulfe, with over 40% now being owned by 4 very long term investors and lots of the existing retail shareholders (such as myself) also being in it for the long term. It is precisely this fact that the large majority of shareholders are now long term that the s/p is more stable and the TA becomes more relevant with Woulfe.
3. One can argue that it is only coincidental, but one can not argue that there has not been a distinct TA pattern the past few months. At some point one might just accept that there is some relevance to the TA analysis with Woulfe.
4. I 100% agree that the big driver will be the fundamentals (including the fundamental new releases) and not the TA, but that one could not receive some benefit from looking closely at TA as a confirmation of the fundamentals. This has been an age old issue of evaluation based on fundamentals or technicals, and many think there is room for both the co-exist and complement each other.