Technical analysis is a field of financial market analysis that focuses on studying price movements, trading volume, and historical patterns to predict future market behavior. In contrast to fundamental analysis, which assesses the intrinsic value of assets based on financial and economic data, technical analysis examines market psychology and the dynamics of supply and demand, which are reflected in charts. Its unquestionable cornerstone and starting point is Dow Theory, whose principles, formulated at the turn of the 19th and 20th centuries, form the foundation for many modern methods and indicators.
The theory, authored by the American journalist and publisher Charles H. Dow, co-founder of Dow Jones & Company and "The Wall Street Journal," was never codified by him into a coherent work. He died in 1902, and his concepts were extracted and systematized by his successors and collaborators. Despite this, Charles Dow is widely recognized as the "father of technical analysis," as he was the first to announce a set of principles that made it possible to determine the market's direction and became the basis for chart analysis. More than 100 years later, these principles remain relevant and are a constant canon in investor education.
The Six Philosophical Pillars of Dow Theory
Dow Theory is based on six fundamental principles that define a unique approach to market analysis.
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