"Understanding the nested cycles of the market."
Primary, Secondary & Minor Trends
Dow Theory categorizes price movement into three distinct timeframes:
Primary Trend (The Tide)
The broad market direction, lasting from a year to several years.
Secondary Trend (The Waves)
Pullbacks or rallies against the primary trend, lasting weeks to months.
Minor Trend (The Ripples)
Daily noise and fluctuations that rarely change the core bias.