# Cyclic Analysis: A Dynamic Approach to Technical Analysis

### J. M. Hurst

**ISBN: 0934380562;**

**Издательство: Traders Press**

The advent of accurate and continuous equity price histories made possible the study of equity price movement as a function of time, independent of all other variables. Early studies of such data produced the conclusion that equity prices vary in a random, hence unpredictable, way. This conclusion has been replaced in the last decade as evidence mounts that equity price variation is ordered and quasi-predictable. The relationship between past and future prices is found to be complex and nonlinear. Current simplified models represent price movement as consisting of a linear combination of wave functions with specific and consistent interrelationships. This viewpoint has led to the development of the Wave Theory of Price Action. From thisWave Theory, a body of practical application methods called Cyclic Analysis has been evolved which permits a fully integrated and wholly technical approach to the problem of trading and investing successfully in the stock and commodity...

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