PART 1 - HOW MARKETS MOVE
CHAPTER 1 - WAVES
Wyckoff and the first readers of the tape understood that the movements of
the price do not develop in periods of time of equal duration, but that they do
it in waves of different sizes, for this reason they studied the relation between
the upward and downward waves.
The price does not move between two points in a straight line; it does
so in a wave pattern. At first glance they seem to be random movements, but
this is not the case at all. The price is shifted up and down by fluctuations.
Waves have a fractal nature and interrelate with each other; lower
grade waves are part of intermediate grade waves, and these in turn are part
of higher grade waves.
Each uptrend and downtrend is made up of numerous minor uptrend
and downtrend waves. When one wave ends, another wave starts in the
opposite direction. By studying and comparing the relationship between
waves; their duration, speed and range, we will be able to determine the
nature of the trend.
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