Dow theory is to identify demand and supply.
STEPS TO FIND MARKET TREND :
1.look into the line chart of approx 2 years.
2.mark the tops and bottoms(higher top,higher bottom,lower top,lower bottom).
3.identify the trend.
HIGHER BOTTOM- HIGHER TOP sequence buy the stocks(Bullish trend).
LOWER BOTTOM- LOWER TOP sequence sell the stocks(Bearish trend).
Dow theory is for long or medium term basis and not for intraday or daily basis.
It remains top of any analysis because this theory is the first to start viewing market to understand buying and selling behavior. It produces good success ratio.