The Dow Theory is a financial framework modeled on the ideas of Charles Dow. Dow founded the Wall Street Journal and helped create the first US stock indices, known as the Dow Jones Transportation Average (DJTA) and Dow Jones Industrial Average (DJIA).Though the Dow Theory was never formalized by Dow himself, it can be seen as an aggregation of the market principles presented in his writings. Here are some of the key takeaways:Everything is priced in\u200a\u2014\u200aDow was a proponent of the efficient market hypothesis (EMH), the idea that markets reflect all of the available information on the price of their assets.Market trends\u200a\u2014\u200aDow is often credited with the very notion of market trends as we know them today, distinguishing between primary, secondary, and tertiary trends.The phases of a primary trend\u200a\u2014\u200ain primary trends, Dow identifies three phases: accumulation, public participation, and excess & distribution.Cross-index correlation\u200a\u2014\u200aDow believed that a trend in one index couldn\u2019t be confirmed unless it was observable in another index.The importance of volume\u200a\u2014\u200aa trend must also be confirmed by high trading volume.Trends are valid until reversal\u200a\u2014\u200aif a trend is confirmed, it continues until a definite reversal occurs.It\u2019s worth remembering that this isn\u2019t an exact science\u200a\u2014\u200ait\u2019s a theory, and it might not hold true. Still, it\u2019s a theory that remains hugely influential, and many traders and investors consider it an integral part of their methodology.For more, check out An Introduction to The Dow Theory\u200a\u2014\u200aKolin DeShazoWhat is the Elliott Wave Theory?Elliott Wave Theory (EWT) is a principle positing that market movements follow the psychology of market participants. While it\u2019s used in many technical analysis strategies, it isn\u2019t an indicator or specific trading technique. Rather, it\u2019s a way to analyze the market structure.The Elliott Wave pattern can typically be identified in a series of eight waves, each of which is either a Motive\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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