Dow Theory forms the basis of modern day technical analysis. The whole theory is based on simple supply and demand pattern that arises in the market. Since the market discounts everything, dow theory becomes very important to find possible buy and sell zones. A technical chart with miminum of 2 years of data is needed to plot higher tops, higher bottoms, lower tops and lower bottoms. Dow theory works best for positional traders with a long term view in mind. It offers very little to intraday traders.
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