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Wyckoff Theory for Graduate Students

The document discusses Richard D. Wyckoff and his Market Investment Theory. Wyckoff believed markets go through primary phases of Accumulation, Markup, Distribution, and Markdown. Accumulation involves professional interests building a position ahead of a price advance. Distribution is the elimination of a long position. Wyckoff felt chart analysis of price, volume, and time relationships revealed by tickertape could be used by traders and investors to make informed decisions about market trends and potential price movements.

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1K views2 pages

Wyckoff Theory for Graduate Students

The document discusses Richard D. Wyckoff and his Market Investment Theory. Wyckoff believed markets go through primary phases of Accumulation, Markup, Distribution, and Markdown. Accumulation involves professional interests building a position ahead of a price advance. Distribution is the elimination of a long position. Wyckoff felt chart analysis of price, volume, and time relationships revealed by tickertape could be used by traders and investors to make informed decisions about market trends and potential price movements.

Uploaded by

east21west
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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WyckoffTheory

Richard D. Wyckoff and his Market Investment Theory


in FI 354-355graduateclasses

Wyckoffs InvestmentTheory

Conception of Primary Phases

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Accumulation:Theestablishment
of an investment or speculative
positionby professional
interestsin anticipation
of an advancein
price.
A sustainedupwardpricemovement.
Markup:
Distribution:
The elimination
of a longinvestment
or speculative
position.
' Markdown:A sustaineddownwardprice movement.

.....Wyckoffbelievedthat the action of the market itself was all that was neededfor
intelligent,scientifictradingand investing.The tickertape revealedprice,volumeand time
relationships that were advantageously capturedby charts.

Comparingwavesof buyingand sellingon the bar chart revealsthe growingstrengthof


demandor supply.With the aid of schematicsof accumulationor distribution,the speculator
is able to make informed decisionsabout the present positionand probablefuture trend of a
market. The figure chart is added to project the probableextent of a price movement.

Wyckoffalso revealedhow to interpretthe intentionsof the major intereststhat shapethe


destinyof stocksand how to follow in the footstepsof thesesponsorsat the culminationof
bullishor bearishtrading ranges.

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