The Market Discounts Everything: All known information is reflected in stock prices. Market Trends: Trends consist of three phases: Primary: Long-term (years). Secondary: Corrections (weeks/months). Minor: Short-term fluctuations (days). Three Phases of Primary Trends: Accumulation: Informed investors buy/sell. Public Participation: Most traders follow the trend. Distribution: Pros exit as the public rushes in.

: Most investors join the trend as business conditions improve and prices rise rapidly. Distribution

: All known information—past, present, and even future expectations—is already reflected in stock prices and market averages. Market Trends : The market moves in three distinct trends simultaneously: Primary Trend

La Teoría de Dow es la piedra angular del análisis técnico moderno. Formulada originalmente por Charles H. Dow a finales del siglo XIX, sus principios siguen siendo esenciales para cualquier trader que busque entender la psicología y el movimiento de los mercados financieros.

Si buscas profundizar con documentos descargables o presentaciones rápidas (portátiles), puedes consultar estas fuentes: Teoría de Dow | PDF - Slideshare

Best Free & Deep PDFs on Dow Theory

1. The Original Source (Deepest)

Minor Trend: Day-to-day fluctuations, often considered "market noise." The Three Phases of Primary Trends:

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