ABSTRACT
A little thought suggests that the variously interesting and significant patterns which we have examined in the foregoing chapters on stock charts should logically appear as well in the charts of any other equities and commodities that are freely, constantly, and actively bought and sold on organized public exchanges. And this, in general, is true. The price trends of anything where market value is determined solely (or for all practical purposes within very wide limits) by the free interplay of supply and demand will, when graphically projected, show the same pictorial phenomena of rise and fall, accumulation and distribution, congestion, consolidation, and reversal that we have seen in stock market trends. Speculative aims and speculators’ psychology are the same whether the goods dealt in be corporate shares or contracts for the future delivery of cotton bales.
