Linda Raschke – The Dow Theory Still Holds Water

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Author: Linda Raschke

Linda discusses five choice trading patterns she uses. Based on a logical set of market principles, these five patterns work equally well in equity and commodity markets. Understanding these enduring market setups provides you with a solid foundation for trading technically. They simplify analysis for the beginner and give the aggressive trader added confidence. Linda has used these patterns as the core of her intermediate-term analysis but they work well on any timeframe.

The Dow Theory Still Holds Water

The market has three trends
This theory was the first to propound that the market moves in trends. The trends are:
Primary trend is the major trend for the market. It indicates how the market moves in the long-term. A primary trend could span many years.
Secondary trends are considered to be corrections to a primary trend. This is like an opposite movement to the primary trend. For example, if the primary trend is upward (bullish), the secondary trend(s) is downward. These trends could last anywhere between a few weeks to a few months.
Minor trends are fluctuations to the market movement on a daily basis. These trends last for less than three weeks and go against the movement of the secondary trend. Some analysts consider minor trends to mirror market chatter.
Trends have three phases
The theory says that there are three phases to each primary trend: accumulation phase, public participation phase and panic phase.
The beginning of a primary upward (or downward) trend in a bull (or bear) market is known as the accumulation phase. Here, traders enter the market to buy (or sell) stocks against common market opinions.

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