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Dow theory SUST. MERC. FIN.

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Dow also developed the Dow theory, which stated that a relationship existed between stock market trends and other business activity.
en.wikipedia.org
I have included the current Dow theory chart below.
www.marketoracle.co.uk
Our Dow theory founding fathers explained that these counter-trend moves are misleading and tend to be taken as a continuation of the previous long-term secular trend.
www.marketoracle.co.uk
Those that understand market history, the Dow theory and cycles can use that knowledge to guide them.
www.marketoracle.co.uk
My research shows me that since 1896 a large percentage of the annual cycle tops have occurred in conjunction with a Dow theory non-confirmation.
www.marketoracle.co.uk
According to Dow theory, both bull and bear markets have three phases.
www.marketoracle.co.uk

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