You are on page 1of 240

r


rn } r   
nn or on  e
on onno ooo
inonnrone }nn
nr}nonon
n r onoor
n o oon r
n
}r noorono
oornn(OHFWURQLFV
o o oo non  o
oo
noono$67nno}n
n r r oonon
onnno on n
o{n

-i-

This page is intentionally left blank

-ii-

nr



L

 LLL

 



 'RZ7KHRU\ 
rro 
oor 
n 

  oo 
o&KDUW 
nn%DU
8SVLGH5HYHUVDO 5 'RZQVLGH5HYHUVDO 5 
.H\8SVLGH5HYHUVDO .5 .H\'RZQVLGH5HYHUVDO .5 
&ORVHRQ+LJK &2+ &ORVHRQ/RZ &2/ 
+LJKWR/RZ&ORVH6LJQDO +/& /RZWR+LJK&ORVH6LJQDO /+& 
+LJKV + /RZV / 
o

8SWUHQG 
'RZQWUHQG 
6LGHZD\V 
oo 
8SWUHQG/LQH
'RZQWUHQG/LQH 
6LGHZD\V 
 6ORSHDQG5HWUDFHPHQW 
n

o
no


  o 5HYHUVDO3DWWHUQV 
n +HDG 6KRXOGHUV 
7ULSOH7RSV7ULSOH%RWWRPV

-iii-

nr

'RXEOH7RSV'RXEOH%RWWRPV 
6DXFHU

96KDSH


  n &RQWLQXRXV3DWWHUQV 
7ULDQJOHV

6\PPHWULF7ULDQJOHV
$VFHQGLQJ7ULDQJOHV 
'HVFHQGLQJ7ULDQJOHV 
%URDGHQLQJ)RUPDWLRQ 
)ODJVDQG3HQQDQWV 
:HGJH

5HFWDQJOH

*DSV

&RPPRQ*DS 
%UHDNDZD\*DS
5XQDZD\*DS
([KDXVWLRQ*DS 
no


  3RLQW )LJXUH 


o3RLQWDQG)LJXUH

oo 7UHQG/LQH 
j 3ULFH7DUJHW 
+RUL]RQWDO&RXQW
9HUWLFDO&RXQW 

  n 0RYLQJ$YHUDJHV 
 
on 'RXEOH0RYLQJ$YHUDJH&URVVRYHU 
n
6LPSOH0RYLQJ$YHUDJH 60$ 
/LQHDU:HLJKWHG0RYLQJ$YHUDJH :0$ 
([SRQHQWLDO0RYLQJ$YHUDJH (0$ 

-iv-



nr

o0RYLQJ$YHUDJH 
r

o 
onn 0RYLQJ$YHUDJH%DQGRU&KDQQHO 
oon 'LVSODFHG0RYLQJ$YHUDJH 
3ULFH2VFLOODWRU 
0RYLQJ$YHUDJH&RQYHUJHQFH'LYHUJHQFH 0$&' 
3DUDEROLF7LPH3ULFH6\VWHP
6WRSDQG5HYHUVH 6$5 
8SWUHQG 
'RZQWUHQG

  o 3ULFH,QGLFDWRUV 
oono2YHUERXJKW2YHUVROG&RQYHUJHQFH'LYHUJHQFH
nn,QGLFDWRUV
0RPHQWXP5DWHRI&KDQJH 
nn0RPHQWXP 
5HODWLYH6WUHQJWK,QGH[ 56, 
5HODWLYH0RPHQWXP,QGH[ 50, 
6WRFKDVWLF

:LOOLDPuV5 
.676XPPHG5DWHRI&KDQJH,QGH[ 
'LUHFWLRQDO0RYHPHQW6\VWHP '06 
3OXV'LUHFWLRQDO0RYHPHQW 3'0 0LQXV'LUHFWLRQDO0RYHPHQW 0'0 7UXH5DWH 
3',0',$';
" " 
8SWUHQG 
'RZQWUHQG

  n 9ROXPH,QGLFDWRUV 
ro 
rn
2Q%DODQFH9ROXPH 2%9 
&KDLNLQ$FFXPXODWLRQ'LVWULEXWLRQ &+$,.,1 
3ULFH 9ROXPH7UHQG 397 

-v-



nr

9ROXPH2VFLOODWRU
9ROXPH5DWHRI&KDQJH

   0DUNHW,QGLFDWRUV 
$GYDQFH'HFOLQH/LQH $'/,1( 
2YHUERXJKW2YHUVROG,QGH[ 2%26 
0F&OHOODQ2VFLOODWRU 02 
7UDGLQJ,QGH[ 75,1 $UPuV,QGH[
0DUNHW7KUXVW7KUXVW2VFLOODWRUV

  dro )LERQDFFL1XPEHUVDQG$SSOLFDWLRQV 


d 
d )LERQDFFL1XPEHUV 
d
n{ 
onn
j )LERQDFFL5HWUDFHPHQW 
jn )LERQDFFL([WHQVLRQ 
n 
oo)LERQDFFL5HWUDFHPHQW([WHQVLRQ

   (OOLRW:DYH7KHRU\ 



n 


n


nn 
 =LJ]DJV 
)ODWV 
,UUHJXODUV
7ULDQJOHV
'HVFHQGLQJ7ULDQJOH
6\PPHWULFDO7ULDQJOH
([SDQGLQJ7ULDQJOH

-vi-

nr

o
'RXEOH7KUHHV
7ULSOH7KUHHV 
j 7LPH*RDO'D\V 
j 3ULFH2EMHFWLYHV 

  r*DQQuV7KHRU\ 


&DUGLQDO6TXDUH 
n 
 7LPH 
 3ULFH 
*HRPHWULF$QJOHV 
*DQQ*HRPHWULF$QJOHV
*DQQuV5HWUDFHPHQW5XOH 


o5HWUDFHPHQW=RQH 
3HUFHQWDJH5HWUDFHPHQW*HRPHWULF$QJOH/LQH

  &\FOHV7KHRU\ 


r 7LPH6HULHV'HFRPSRVLWLRQ 
r &\FOH&RPSRQHQWV 

3ULQFLSOHRI3URSRUWLRQDOLW\ 
3ULQFLSOHRI6XSHUSRVLWLRQ 
3ULQFLSOHRI5HVRQDQFH 
3ULQFLSOHRI6\QFKURQLFLW\
3ULQFLSOHRI+DUPRQLFLW\ 

+HDGDQG6KRXOGHUV 
'RXEOH7RS 
&RQWLQXRXV3DWWHUQV
(OOLRWW:DYH

o 
onn

-vii-

nr

nn 
onn 
o r 
n 
0RPHQWXP 
5HODWLYH6WUHQJWK,QGH[ 56, 
6WRFKDVWLF

  rno
 ,QWURGXFWLRQWR-DSDQHVH&DQGOHVWLFN&KDUWLQJ 
n 
 %RVX 
'RML q n

  rn
 &DQGOHVWLFN5HYHUVDO3DWWHUQV 
 (QJXOILQJ3DWWHUQ 
jno 'DUN&ORXG&RYHUDQG3LHUFLQJ/LQH 
nn 8PEUHOOD/LQHV 
o +DPPHU 
 +DQJLQJ0DQ 
r 0RUQLQJ6WDUDQG(YHQLQJ6WDU 
o 6KRRWLQJ6WDUDQG,QYHUWHG+DPPHU 
o +DUDPL/LQHV 
7ZHH]HU7RSDQG7ZHH]HU%RWWRP
oo &RXQWHUDWWDFN/LQHV 
 7RZHU7RSDQG7RZHU%RWWRP 
 7ZR&URZV 
 7KUHH&URZV 
7UHQG5HYHUVDO

  nrn &DQGOHVWLFN&RQWLQXRXV3DWWHUQV 


on 7DVXNL*DS 
+LJK3ULFHDQG/RZ3ULFH*DSSLQJ3OD\V

-viii-

nr

*DSSLQJ6LGH%\6LGH:KLWH/LQHV
 5LVLQJ7KUHHDQG)DOOLQJ7KUHH 
ojo 7KUHH$GYDQFLQJ:KLWH6ROGLHUV 
on 6HSHUDWLQJ/LQHV 

  r 6WUDWHJLHV 


 5HIHUHQFHV 

-ix-

nr

This page is intentionally left blank

-x-


nonnonrn
noro no}
on nonr
    n
on on}
no n
ro }o rr
oro n
on}nor
n rr nnnn noo
rn
 o ornoo
n o   nnnro n
nnro  o
} norn nn n no
  } nonr
n no
n nooo oroor nj
 nro n r
{ )XQGDPHQWDO $QDO\VLV  o o
ono{nno}non
 n {nn r
{} }nrnnno
{o}nono
n rononnin nn
}o

--

nr

 o o  ooo
rnonoonnnono
oonnnod dn}oo o
n d n    nn n
nn oon  d o n
dnn d nnn n
o } d  o
o
 o oo{  n
nrron
9ROXPH }ono LQIRUPDWLRQVHW r
}n no   nn oo n
   on  oo{
on}o
oooon}}r
nonoonr ononn nnn
 n nonon  no}oo
}rnnnorono
nn onor }o n
onoo

 'RZ7KHRU\
nono }ro o
nonon'RZ7KHRU\nonr
rnn
  ornoo nonn
oono nn nonn
n}on

--

nr

o XSWUHQG o oonn


ono o o on non
no}o WUHQG on
 'RZono}nSULPDU\VHFRQGDU\PLQRU
o  noo n} WLGH   ZDYHV  
ULSSOHV 
nSULPDU\nenVHFRQGDU\r
nVHFRQGDU\on}n FRUUHFWLRQ SULPDU\WUHQGnnoo
nSULPDU\}VHFRQGDU\}onSULPDU\}
VHFRQGDU\}nnon
ono SULPDU\ nnnnPLQRUon
rnnPLQRU}nnn
onon
}rooonno
o nn n n
DFFXPXODWLRQSKDVH
   }o oo onn
onno
  }onn n
   on}or
nnn GLVWULEXWLRQSKDVH
on'RZno}
n nLQGXVWULDODYHUDJHUDLODYHUDJHn
n LQGXVWULDO  UDLO DYHUDJHV n} }n
n'RZ7KHRU\(OOLRWW:DYH7KHRU\ on (OOLRWWZDYHn
onn
  }{oo nn o}
XSWUHQG     o
nno}n
o} GRZQWUHQG 
 o  n n o
}n

--

nr

n  }n{o no}o
n d
 onn  o }
r on n o
ro

rro
 oo rro n
nnooonoonooo n oo nnn ro
}onnn
 no n oon n o
n n oo n    r
o{ nnoo
 rooonnnn
}o
nono n
oonrnon
 r{oono on
nn
  nro{oo
} LQWHUQDWLRQDO  nn n
n onr{ oo
no{noo ooon
oonooo
 r  }nr  oro
n r{oo}oon
oo o  r
nonnono
noonn

--

nr

 oo o  n }nn"
oon}onn

oo r
nooonrn onon{o
roonr
 onrnnro nn
or orn }
{~oo ooooo VWRS ono oo
o{ n }no
nnooj
 or non no
o n oo WUHQG IROORZLQJ V\VWHP 
ono VLGHZD\  noo n
nnr nn   o}r oo
oonoo
 non ooo o
}ono o
nnno n n}noo
onn}oon
o o n rnno
 onp
 r n }o g no
noj njn nror
r o  ooo
rorooVWRSoo
n on

n
--

nr

n rn }o o
on{oon}n
 }r 7UHQGOLQH &KDUWLQJ 7HFKQLTXH }
oo}}or 
}&KDUW%DU&KDUWnnon%DUn
ooo   }n
o 5HYHUVDO 3DWWHUQV    }n &RQWLQXRXV 3DWWHUQV  }
nn}r3RLQWDQG)LJXUH
 ,QGLFDWRUV n}
n }n}n on
noo 3ULFH,QGLFDWRUV }o
 9ROXPH ,QGLFDWRUV     0DUNHW ,QGLFDWRUV }o

} }od
 }n *ROGHQ5DWLR ono 5HWUDFHPHQW 
ono (OOLRW:DYH7KHRU\ }o 
n  ro *DQWW   }
&\FOHV ro
 }rni oo n}
 nen   n
nnnn o 7UHQG5HYHUVDO n
} &RQWLQXRXV3DWWHUQV
o }nro
ononr

--


o&KDUW
r   &KDUW }
  nn n
o ooo&KDUWn
n  &KDUW or
o no nn nnnn n
n o}onn n n 
onnnn%DUn%DU&KDUW

d
d

 rn

nnnn UDQJH no


 n onn no nn
nnon n n
}n

--

oo

nr

dnn }nn nokon


do do  d}no oon d
dnnnnooon
nonno %DU&KDUW
o

nn%DU
nnn %DU &KDUW n onnnn
nnnnorn
 nnn nn n o
-DSDQHVH &DQGOHVWLFN   oonn  oon}
ono}

8SVLGH5HYHUVDO 5 'RZQVLGH5HYHUVDO 5
} n  n oo

8SVLGH5HYHUVDOon}oon
 ndnd /W  /W n &W ! &W  n no
onnnonodo
n}on
'RZQVLGH 5HYHUVDO  8SVLGH 5HYHUVDO n no}o
nnd nd + W!+Wn&W&W

'RZQVLGH
5HYHUVDO

8SVLGH
5HYHUVDO

8SVLGHDQG'RZQVLGH5HYHUVDOV

--

oo

nr

.H\8SVLGH5HYHUVDO .5 .H\'RZQVLGH5HYHUVDO .5


} 8SVLGH  'RZQVLGH 5HYHUVDOV on n .H\ 8SVLGH
5HYHUVDO n ndn
8SVLGH5HYHUVDOono /W/W&W!&W+W!+W
n.H\'RZQVLGH5HYHUVDOoo
n +W!+W&W&W/W/W

.H\'RZQVLG
5HYHUVDO
.H\8SVLGH
5HYHUVDO

 .H\8SVLGHDQG.H\'RZQVLGH5HYHUVDOV

rnn.5.5onon.5
nnonnnoono .5

&ORVHRQ+LJK &2+ &ORVHRQ/RZ &2/


&ORVH2Q+LJKdnonn
dnnn> +&   +/ @nndo

&ORVH2Q/RZn}dodnonnd
nnn> &/   +/ @
&2+&2/nnnon&2+&2/
n &2+&2/nonnno

--

oo

nr

n55.5.5o}oo&2+&2/
o}on
&ORVH RQ /RZ &2/

&ORVH RQ +LJK &2+


+&

+&
+/

+/

&/

&/
&/   +/

+&   +/

 &ORVHRQ+LJKDQG&ORVHRQ/RZ

+LJKWR/RZ&ORVH6LJQDO +/& /RZWR+LJK&ORVH6LJQDO /+&


+LJKWR/RZ&ORVH6LJQDO&ORVHRQ+LJK &2+ &ORVHRQ/RZ &2/ 
 nn %HDULVK n/RZWR+LJK&ORVH6LJQDO&2/
 &2+    n
o on n}
 +/&/+&onor 5.5
o

+LJK WR /RZ
&ORVH 6LJQDO
+/&

/RZ WR +LJK
&ORVH 6LJQDO
/+&

 +LJKWR/RZ&ORVH6LJQDODQG/RZWR+LJK&ORVH6LJQDO

+LJKV + /RZV /


}n  od}d  n } + }
%XOOLVK6LJQDOnod ndn}/}%HDULVK6LJQDO
+  / onr    n
on

--

oo

nr

/

+

 +LJKVDQG/RZV

o
ooo non o WUHQG  o
XSWUHQGGRZQWUHQGVLGHZD\Vnnnn
"
 8SWUHQG o on oo
  nn o } oo
on}XSWUHQGo nn
nonno{o  no
oo




n  n 
on  no 

 8375(1'

 'RZQWUHQG }onoo  }o }


oonn  GRZQWUHQGnn no
nnno

--

oo

nr



n  n 
on  no 

 '2:175(1'

onn   on o XSWUHQG


o GRZQWUHQG oonno

n 

 6LGHZD\V }j n  VLGHZD\V o{


   on noon
n nnn n  n
oonnno

--

oo

nr

n  no  

on  noo  

 6LGHZD\V

n 

n no j VLGHZD\V  no
on n  onon } VLGHZD\V nnn
 nn no n
no  n  n nnn
 n nnoo nn
nooroo

--

oo

nr

oo
n r noo n on
}o  oonn " o} XSWUHQG 
 }n  ni o
XSWUHQG"o{nooo WUHQGOLQH }
nro oooo}   ooo 
j
3DUDOOHO /LQH





8SWUHQG /LQH




8SWUHQG/LQH

8SWUHQGOLQHnonoo n
n o    iono  n
 o}XSWUHQGOLQH  o nnn
   oo  }
XSWUHQG OLQH   ooo oro }o
ooon
 'RZQWUHQG OLQH oo nn oonn}
on on}n
 XSWUHQG   }o  }ono WUHQG OLQH n
XSWUHQGGRZQWUHQGoonooGRZQWUHQGOLQH
o   GRZQWUHQG OLQH on  on
o}nonnGRZQWUHQGOLQH
onooGRZQWUHQG

--

oo

nr




'RZQWUHQG /LQH


3DUDOOHO /LQH

'RZQWUHQG/LQH
WUHQGOLQHnoo}ooon SDUDOOHOOLQH on
 nonno    or
 FKDQQHO n n  nonoi" on
nn o }ooXSWUHQGOLQHn 
o }oGRZQWUHQGOLQHono}o 
o}
6LGHZD\VnnnnnnnnWUHQGOLQH
VLGHZD\Vno IODW  FKDQQHO  VLGHZD\V }
n{o nonon
on non nj
}VLGHZD\V
1

6LGHZD\&KDQQHO
n    }n n  n on
roo XSWUHQG on SDUDOOHOOLQH oro n
nonoon
o}nn}nno
 n  n  oo

--

oo

nr

on oon} o o on


nooonon n  onoo
nnoonono
oon o oo
}o }ro} onnn
o

n 

n 

--

oo

nr

n 

n 
n}nnnon"n
n n    } GRZQWUHQG  nn    }
XSWUHQG nrnoonoon{nonn
onnoooono
n

--

oo

nr

n 
n}nVLGHZD\VFKDQQHOononn
n XSSHUERXQGDU\ n ORZHUERXQGDU\

 6ORSHDQG5HWUDFHPHQW
nn }ooo }on
ononn
nonooooon
nnn}}rrnn
nnVORSH]]WUHQGOLQH







D

5HWUDFHPHQWV

--

E

oo

nr

 DonWUHQGooWUHQG}nnnnWUHQGno
 nno ooo  nro
n}nnonUHWUDFHPHQW oo
 E no n   o
on no
o no   noo
n no     n nr nno
n noonnnn
  oo o}o o
ooo


 
 

6SHHG/LQHV

rooVSHHGOLQH   }WUHQGOLQHnn


  n}  n n    }
on oWUHQGooo
}nooWUHQGOLQH
nooon onoon
 VORSH nr nonoon
oWUHQGOLQHnonUHERXQGo
o}n o o}
GRZQWUHQG noo} XSWUHQG   GRZQWUHQG } XSWUHQG
qo oo}XSWUHQGon
no

--

oo

nr

n 

n
 o}n}no}
  XSWUHQG GRZQWUHQG  VLGHZD\V n on n
nn nnnoooXSWUHQGnn
n} XSWUHQG o nno o
no}n"}
oenrnn
 on    n n
nLQWHUPHGLDWHWHUP}e n}n 
on}n on}oo
nr}oonn onnonoon
n
ORQJWHUPe
LQWHUPHGLDWHWHUP
VKRUWWHUPnnr

--

oo

nr

noooonen}
XSWUHQG}o

o 6XSSRUWDQG5HVLVWDQFH
 no onn n}
VXSSRUW o UHVLVWDQFH oonno
nnn  on
onoooono
o}}o
{nnonnoo{
ono  noon   ono
o nonn o

ooono  noo   oo
nnonno
o} n oon noo
on on o n
n n  o
}on o}on n
ooo}n
no   }n }
o o n on
o n    ono
}
}oonno o
nonnn
  n  n
}o on n o

--

oo

nr

}nnon   }
n}o  n
o

6XSSRUW

5HVLVWDQFH
5HVLVWDQFH

6XSSRUW

6XSSRUW5HVLVWDQFH

no
o  onoo &KDUW  n %DU  &KDUW
or nn} o  o o
oo no} }onoo
SDWWHUQV n&KDUW}no}o
n no}   
o n UHYHUVDO SDWWHUQV }o 
nFRQWLQXDWLRQSDWWHUQV}

--


5HYHUVDO SDWWHUQV }n on
n ono
 noon n
o} XSWUHQG   UHYHUVDO 
noXSWUHQGoGRZQWUHQG
 no} GRZQWUHQG  UHYHUVDO
SDWWHUQoGRZQWUHQG
oXSWUHQG
ono"n}

n +HDG 6KRXOGHUV
+HDG VKRXOGHU n io}"Dnonn

D
+HDG 6KRXOGHUVo8SWUHQG}'RZQWUHQG

--

nr

n o} XSWUHQG   o }n
n} XSWUHQG  nn D   n E n
on onnon
}nnWUHQGn}XSWUHQG oon
noo no n  }
r nnoXSWUHQGOLQHnFnD o
  n} XSWUHQG n    n
 nonnnnD}noF}no
nXSWUHQG}XSWUHQGOLQHon
noXSWUHQGnonnoXSWUHQG
oonn oon no
onGooon
onn nnn} n}
n  H on o
i no n n n
}nnonnn G onnDn
 H onn F o}
o QHFNOLQH  } o
QHFNOLQH o}  oon VORSH  } } +HDG
6KRXOGHUV
onr KHDG  VKRXOGHUV r p nn"
i non o} KHDG  VKRXOGHUV non
H QHFNOLQHnnQHFNOLQHno
 F no QHFNOLQH  o o n
on }nn n  J noo
QHFNOLQHonnnGRZQWUHQG
nn onnn n KHDG  VKRXOGHUV
WUHQGGRZQWUHQG}XSWUHQG E
GRZQWUHQG}XSWUHQGnn}UHYHUVHGKHDG VKRXOGHUVon
nnDFEonnGRZQWUHQGono
n E noo onn E }n
WUHQG n} GRZQWUHQG n F }onno

-24-

nr

oonooGRZQWUHQGOLQHo
on n o  n
noo QHFNOLQH nG}on

E
+HDG 6KRXOGHUVo'RZQWUHQG}8SWUHQG

n 

-25-

nr

non }noooGRZQWUHQGo
ononn nrnro H nn  G  onn
nDn H onnn F o
o o QHFNOLQH  oonn
onnnonWUHQGo
GRZQWUHQG}XSWUHQGooiQHFNOLQHon VORSH }
"o}n
n  }n on} UHYHUVDO SDWWHUQ  KHDG  VKRXOGHUV
o o }o

7ULSOH7RSV7ULSOH%RWWRPV
WULSOHWRSVnoooono
nn o on{onnno
nnij
 Dn oDon o
EnonEnnn}n
WUHQG no} XSWUHQG n  o
ono D n on
XSWUHQGnoonno
n nooo }o o F
n G } onon  n G
oonnn nono
n  no H o  
n nno non  onnnnn
n nn  H  ono
o on onWULSOH n
noo

-26-

nr

rEG
nn} QHFNOLQH o KHDG  VKRXOGHUV o nn
EDVH OLQH    on }   o

D7ULSOH7RSV

E7ULSOH%RWWRPV

on"innQHFNOLQHno
   QHFNOLQH oo n}nnn
nnnn }nnn
o QHFNOLQH  J   on o GRZQWUHQG no
onn noo} XSWUHQG n
nWUHQG}GRZQWUHQGo}UHYHUVDOSDWWHUQV
ono on o nn ooo
nnWULSOHERWWRPVnoonWULSOHERWWRPVn
"onnooon}ooGRZQWUHQGn}
}XSWUHQGnnnnn
WUHQG}GRZQWUHQGnnDEon
onDnEn
onWUHQGn}GRZQWUHQGn }on
 onoo o F

-27-

nr

GHnn
oonnnDFoon
ooEDVH OLQH o oon o
}nion}WULSOHERWWRPVon
o WDNH SURILW   onnn on
nJnDF}}XSWUHQGo
WULSOHWRSVWULSOHERWWRPVrono
}VLGHZD\V ndVLGHZD\Vonnno nooon
nn oWULSOHWRSVoo}oo
no

n 

'RXEOH7RSVDQG'RXEOH%RWWRPV
 GRXEOH WRSV no }n" "  D n
o F  oono XSWUHQG 
GnnHnnFoo
nFo}o UHVLVWDQFH n

-28-

nr

ooXSWUHQGn onoXSWUHQG

oono o} on EDVHOLQH


n}QHFNOLQHonnn onnn
nnn nEDVHOLQHoGRXEOHWRSV
 EDVHOLQH ono   nn n}n
  oo EDVHOLQH o }n
oonoJonGRXEOHWRSV}
noXSWUHQG}GRZQWUHQG

D'RXEOH7RSV

E'RXEOH%RWWRPV

nioGRXEOHERWWRPVnD}oGRXEOHWRSV
6(7LQGH[nr on
non6(7LQGH[onnnooo
oooo}o6(7LQGH[
r nr  nn o o
GRXEOHWRSV
o GRXEOH ERWWRPV  o}n" nonno n
oEonno}GRZQWUHQGGRXEOHERWWRPVo
n} XSWUHQG o GRXEOH WRSV  onon oo
   F  H o GRZQWUHQG OLQH  on
XSWUHQG nn

-29-

nr

n D
nEoGRXEOHERWWRPV..onDG
}o GRZQWUHQG GnnEFnnDon
..nF..  o H
noooo n
oGRXEOHERWWRPV}o}o
nono

n E

-30-

nr

6DXFHU
on VDXFHU no oon o oo
6DXFHU  on nn}   on"
nnnoon
 Dnoo ooo
}no no 
n }VLGHZD\Vnno
  VDXFHU  D } WUHQG  XSWUHQG } GRZQWUHQG
o on on onnno
onnooVLGHZD\Vnonn
o nn onno n
 nn o on
o

D6DXFHU

E6DXFHUo

VDXFHUo}o
E noooon
on nno on nno
 o oo n
 WDNH SURILW  n} onno
nnnooo

-31-

nr

oVLGHZD\Vo XSWUHQGnVDXFHU
}nWUHQGGRZQWUHQG}XSWUHQG
n D  E onnnono ng
GRZQWUHQG}XSWUHQGonoo

n D

n E

-32-

nr

96KDSH
o UHYHUVDO o n YVKDSH nn  
 n n o }n
YVKDSH nn     D n  " n on
do }o on 
d on o on n
o nn  oo n
}n d nd 
ooo  n    }o GRZQWUHQG }
XSWUHQGnoY
nY En n onn nn
n  ndd  ndn  }o }
WUHQGXSWUHQG}GRZQWUHQGn




D

E

n }oYVKDSH6(7LQGH[no
YVKDSHnnoonn}YVKDSH
n}YVKDSHo

-33-

nr

n 

-34-


n}n  &RQWLQXRXV 3DWWHUQV
 }o nn
o  }n
non 
o

7ULDQJOHV
 WULDQJOHV o }r}   nn
n nnn}V\PPHWU\DVFHQGLQJGHVFHQGLQJ
 6\PPHWULF WULDQJOH oon
D n n o}
o 
XSWUHQG n F  G
3$5$//(/75(1'
ooo
$3(;
o 
UHERXQG   H o o
 I n n
o 
o}
nn}
V\PPHWULF  WUHQG n o
   WUHQG no o   
 o no
o  n  DSH[  n
D6\PPHWULF7ULDQJOH
 ooo
XSWUHQG  nn
DSH[ EDVH nonon}
oUHYHUVDOonno}
n  DSH[ nno 
ooFo SDUDOOHO oono}WDUJHWn
7$5*(7

--

nr

o6*)r}V\PPHWULFWULDQJOHn D onoo


non o 6*) non
}o" n oo n d
onoonrioV\PPHWULFWULDQJOHoo

n D

E$VFHQGLQJ7ULDQJOH

$VFHQGLQJ7ULDQJOH  E nno


WULSOH WRSV non n
r onnono
nnn WULSOHWRSo
no   n
nonnoonn
oo nn n
o}no
o
WDNHSURILWn
ojo on
ooo on
}non }
XSWUHQG

--

nr

n EEEoDVFHQGLQJWULDQJOH6(7LQGH[no 6(7
LQGH[ooonnnrDVFHQGLQJWULDQJOH6(7LQGH[n}
rn6(7LQGH[noon
n Eojo
o ro onro onnon
 n  nn
6(7LQGH[oo6(7LQGH[nnnon
}oonn

n E

n EE

--

nr

 'HVFHQGLQJ 7ULDQJOH  F  no


WULSOHERWWRPVnonnnrn
 nnonn n
n n  } nn
GRZQWUHQG
n F  o 6&&&
r}GHVFHQGLQJWULDQJOHj
oo j
 ono n
F'HVFHQGLQJ7ULDQJOH
onnnnrn
n on}
GRZQWUHQG n n ooonr n
norrILERQDFFLQXPEHUVo n
nn(OOLRWW onno
 nn EDVH  n DSH[  on
 n }o o 6&&&
o

n F

--

nr

%URDGHQLQJ)RUPDWLRQ
n  FRQWLQXDWLRQ SDWWHUQV  EURDGHQLQJ IRUPDWLRQ  n
nonrD ooon
on FRQWLQXDWLRQ no o
UHYHUVDO}FRQWLQXDWLRQSDWWHUQVnoD

D%URDGHQLQJ7ULDQJOH

E'LDPRQG

    7ULDQJOH  %URDGHQLQJ o o n
'LDPRQGn}FRQWLQXRXVSDWWHUQ}UHYHUVDOSDWWHUQ
nnonono
nIODJVDQGSHQQDQWV

)ODJVDQG3HQQDQWV
nIODJV SHQQDQWV oo IODJV 
nSHQQDQWVn}
 DEnIODJVSHQQDQWV}on
noo}XSWUHQGIODJVSHQQDQWVn}
 on XSWUHQG  o
nnoonoo

--

nr

n}ooorIODJVSHQQDQWVo
nr

D)ODJ

E3HQQDQW

nonnnoWULSOHWRSVnooIODJno
n}WULSOHWRSVonon
on n IODJ  n n n
rn}WULSOHWRSV}UHYHUVDOSDWWHUQo

n 

:HGJH
ZHGJH  oSHQQDQWVnn
n r ZHGJH  nr SHQQDQWV  o

--

nr

nnrnnonnonnnnnnZHGJH
GRZQWUHQGn nrnnnnn 
nn }

 :HGJH

n 

nr ZHGJH n n  on r


ZHGJH oo 1)6 oon nn o}
XSWUHQGZHGJHo}XSWUHQGnn
nnnnFRQWLQXDWLRQon

--

nr

5HFWDQJOH
UHFWDQJOHnooonoWULSOHWRSVWULSOHERWWRPVo
nnno}XSWUHQGWULSOHWRSVo
onEDVHOLQHn UHFWDQJOHnnnn 
noo EDVHOLQH [  D nWULSOHWRSVo
o[oonoo}o
nUHFWDQJOH}FRQWLQXDWLRQnn UHYHUVDOnnWULSOHWRSVnn
UHFWDQJOHnnVLGHZD\Vnnonnnon
oo"

D

E

o  nno n WULSOH WRSV  WULSOH ERWWRPV


UHFWDQJOHWULSOHWRSVWULSOHERWWRPVn FKDQQHO noonn FKDQQHO 
UHFWDQJOHnWULSOHWRSVWULSOHERWWRPVn
UHFWDQJOH
onoUHFWDQJOHXSWUHQGoEUHFWDQJOH GRZQWUHQGn
onooon

,QYHUWHG+HDG 6KRXOGHUV
oKHDG VKRXOGHUVponnUHYHUVDO
nn n no } UHYHUVDO SDWWHUQ n} FRQWLQXRXV
SDWWHUQ DniKHDG VKRXOGHUV XSWUHQGnn
non

--

nr

noo} GRZQWUHQG  KHDG  VKRXOGHUV n n


nE oKHDG VKRXOGHUV}UHYHUVDOKHDG
VKRXOGHU}FRQWLQXDWLRQSDWWHUQn}LQYHUWHGKHDG VKRXOGHUV UHYHUVDOSDWWHUQ

D

E

n  }roo oro 


nornonn
noof

n 

--

nr

*DSV
onLQYHUWHGKHDG VKRXOGHUV}oo JDSVn
LQYHUWHGKHDG VKRXOGHUV}oFRQWLQXRXVSDWWHUQVn
JDSVnnnnZLQGRZVon*DSV no
} FRQWLQXRXV SDWWHUQ  UHYHUVDO SDWWHUQ nn }o
FRQWLQXRXV  UHYHUVDO oo onoo poo
r
nJDSVnnnnnnnWHFKQLFDODQDO\VLV
n nnn nnn }  GHPDQG 
VXSSO\ no nnn
o nnnn  n
dnnno orn on }nn

non d nn n
nnnno  nodnn
 nnnnonoonnnJDSV

o JDSV n }  JDSV n }
nnJDSVn
n d JDSV o  o rn o
JDSVnnnJDSonono
 JDSV  n   n &RPPRQ *DS nn  %UHDNDZD\ *DS
5XQDZD\*DS nnn ([KDXVWLRQ*DS o
oJDSVnn}
JDSn

--

nr

&RPPRQ*DSnn}JDSoor JDS
n oo JDS o
nnnnnVLGHZD\VoWHFKQLFLDQVnn
JDSnnn

 *DSVn

%UHDNDZD\*DSroo}
n on nn  QHFNOLQH
rKHDGDQGVKRXOGHUV no QHFNOLQHEUHDNDZD\JDS
}nnooo} PDMRUXSWUHQGOLQH
JDSn}EUHDNDZD\JDSonEUHDNDZD\JDSn}
on
n oon JDS n n n}
 onon o}o nno
on}EUHDNDZD\JDSndJDSno
nJDSndoo}on
n}

--

nr

noononnnnEUHDNDZD\JDSno
}oon"}oEUHDNDZD\JDSno}
EUHDNDZD\JDSno}o

5XQDZD\*DSooonnnnnnUXQDZD\
JDS }JDSnn n
 EUHDNDZD\JDS onJDS  UXQDZD\JDS n
nnooronj WDUJHW o
nUXQDZD\JDSUXQDZD\JDS
 n o JDS n o}n
onnPHDVXULQJJDS
r UXQDZD\ JDS  nn n oonn
  XSWUHQG  JDS no  n }
GRZQWUHQGnno
nEUHDNDZD\JDSUXQDZD\JDSo}oon
on}oJDSnondnon
dJDS}oon JDSd}
n}
([KDXVWLRQ*DS o }noJDSn n
nJDSn n}n
nnonoJDS
}oo
onJDSJDSVnoonnH[KDXVWLRQJDSd
non}JDSndnonno
n}JDS nn o
nn ,VODQGUHYHUVDO H[KDXVWLRQJDSnXSWUHQG
JDSn nnn nnEUHDNDZD\JDS
n oooj
oo }} n
on WUHQG  SDWWHUQ o n oo

--

nr

no
 nn onoo oro
n}rnonoo }
on ronnn
nornonn  n
 LQGLFDWRUV noonononon
oonnninono

--

nr

This page is intentionally left blank

--


 3RLQWDQG)LJXUH }r 
}o
r
SRLQWDQGILJXUH  onor
%DU&KDUWo}nnnEDU
FKDUW  o on
  dd}n
nEDUFKDUWn  GDLO\FKDUW 
r ZHHNO\FKDUW n

 

n SRLQWDQGILJXUH  o 2
; o}nnnonn
nnn
nn 2  ;    n
n oo }o
FRPSUHVVLRQ  oo o
o n}
n QRLVH nooo

o3RLQWDQG)LJXUH
 oono o r dr o r}
o   }n o o  n
nonn nr o o r d
r ooo oio  no n o
 no  oo oo
n onorno n}ooo
 nroo n
onooo{nno

--

3RLQWDQG)LJXUH

nr

o}n ER[VL]H nnnnnnn


 ER[VL]HnnVSUHDGonno
nonnnER[VL]Hnnn
o}o
n ER[VL]H}oo
oronnonER[VL]Hn
 ono  
ER[VL]Hrnnoooon
ER[VL]Hnn}o
 or}oo
ooronn

 

 

nonnnnn}nno
r ;2on oo
r;2nnon
or ;n do
or;  nnon;ER[VL]Hn
;oo
ond
oor2n 
 oon ro 
ooo;nn n n

--

3RLQWDQG)LJXUH

nr

onnnn !

non n  nn on
nn  nonn" on
nonnnnnno
   n   nn  n  
r 2 rnr ; nnnn ;
n

 

 

nonno}ror ;}2"
oo}onn7KUHHER[UHYHUVDOonnER[VL]H
ooER[VL]Hn7KUHHER[UHYHUVDOnnno
UHYHUVDO}nnnER[VL]Honnoo
 n" o
on"ooonno
 nononor dr nod
}ordr n

--

3RLQWDQG)LJXUH

nr

non   nr 2 n nr ; oo }


oon
r2nnnnn 
onn7KUHHER[UHYHUVDOnn o
n nonon n UHYHUVDO
r2};rr 2nn
nnr2n oo
nnoon nn
;nnonnnWKUHHER[UHYHUVDOo
ro;no nnnn
o n n}n} o
nrnnn ;nor
r 2 o ;  r
}rno o2}nn
on


 o o

n  n    EUHDNRXW
RI D WULSOH WRS  o GRZQVLGH EUHDNRXW EHORZ D EXOOLVK
VXSSRUW OLQH  o oo o
no
 ooono
o oo   oon}
o"on;n;}
2n}oo;oo
rnnno

--

3RLQWDQG)LJXUH

nr

3RLQWDQG)LJXUH

n o  no
WUHQGnnooooWUHQG
nnninooo
}

--

3RLQWDQG)LJXUH

nr

njn  EUHDNRXW   no


 n}o  nn DVFHQGLQJ WULSOH WRS o
oEUHDNRXWRIDWULSOHERWWRPoon
oono

oo 7UHQG/LQH
nooooSRLQWDQGILJXUHoo WUHQGOLQH 
ono}n o} ILOWHU  o oo
o
o} XSWUHQG oonEXOOLVKVXSSRUWOLQH
nnnr 2n non
on}EXOOLVKn
o} GRZQWUHQG oonEHDULVKUHVLVWDQFHOLQH
 nnr ;   n    nn
GRZQWUHQGOLQHon}EHDULVKn

 

 

n }oEXOOLVKVXSSRUWoEHDULVKUHVLVWDQFHo
o'6

--

3RLQWDQG)LJXUH

nr

n 

j 3ULFH7DUJHW
onoo onno  nn oon
o " }oo n oo
no"oon
oo{nj SULFHREMHFWLYHV o
 +RUL]RQWDO FRXQW nn noo }
o FRQVROLGDWLRQ o
ro GLVWULEXWLRQ 
or  j 

+X 3/ :59



+X
3/
:
59

}j
 r2 o}
ro}
UHYHUVDOYDOXH  ER[VL]HER[

--

3RLQWDQG)LJXUH

nr




o}ooon
rn:nr
n59}n PLQLPXPUHYHUVDO

 

--

 EUHDNRXW

3RLQWDQG)LJXUH

nr

no onono7KUHHER[UHYHUVDO
nER[VL]Hnon59nr}n:n
o}njnnooo
oro}  :  : nn  oj
n
noj
+G 3+ :59

+G 
3 +
:
59

}j
 ; o}
ro}
UHYHUVDOYDOXH

jno

9HUWLFDOFRXQWnonnoj

9XS o} ER[59
noo no}n 
n ER[o ILUVWUHYHUVDO nnoWKUHHER[
UHYHUVDOjonn
oj
9GRZQ o} ER[59
nn o}n nER[o
noWKUHHER[UHYHUVDOjonn

--

3RLQWDQG)LJXUH

nr

 on noo nn}o o


 r n o r dr  noono
no



--


n }no   n
on oononn
onnon
nn n
nnoooon
nn8SWUHQG}nn nonjn n
} n 8SWUHQG  n
nn{n8SWUHQGn nn
onn{
no} 'RZQWUHQG   nnon n
on nn}n
}o8SWUHQG}'RZQWUHQGnn


ononoon
noonnono
onoonon
noonnoon

on  
'RXEOH0RYLQJ$YHUDJH&URVVRYHU
r ,UUHJXODULWLHV
oonoo
non
ooono

--

nr

o oonoo  on
 noonon}
ononoo
o onoo no o
onnon
nono oono n on
nno}6HOO6LJQDOonnno}%X\
6LJQDO
 on }oo n 
8SWUHQG no on o}o
nn}nooonn
no}o

n
on 0RYLQJ$YHUDJHV o
6LPSOH0RYLQJ$YHUDJH 60$ }nno
10

MA(n) =

i =1

10

nnnn
10

P
MA(10) =

i =1

10
(P + P2 + P3 + P4 + P5 + P6 + P7 + P8 + P9 + P10 )
= 1
10

non ononn 60$  o   


60$o }o

--

nr

/LQHDU:HLJKWHG0RYLQJ$YHUDJH :0$ }nn


onn onono
nonnoo n}oon n
oono }n
n

iP

WMA(n) =

i =1
n

i
i =1

nonnnnn:0$
10

iP

WMA(10) =

i =1
10

i
i =1

1 P1 + 2 P2 + 3 P3 + ..... + 8 P8 + 9 P9 + 10 P10
1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10

no nnnno nnn


nonnon o :0$oo{

 ([SRQHQWLDO 0RYLQJ $YHUDJH (0$  }nnon


:HLJKWHG0RYLQJ$YHUDJHV nr nn
oo
EMA(N, t) = EMA(N, t - 1) + a (Pt EMA( N , t 1) )

 (0$ 1W   ([SRQHQWLDO 0RYLQJ $YHUDJH  1  o W  n D n


6PRRWKLQJ &RQVWDQW o }non (0$ nno
  -DFN . +XWVRQ n n D  
o
a=

2
N +1

--

nr

 1n nonon
nnD 1n nno
non1o(0$n
(0$nDoD    non(0$
o(0$onn
EMA(10,1) = P0 + 0.1818(P1 - P0 )

(0$n(0$
EMA(10,2) = P1 + 0.1818(P2 - EMA(10,1))

onnonn  n{ or
ononnn:0$n(0$
nonn60$on

 o0RYLQJ$YHUDJH
n}n n  n
n o n  n +LJK 3DVV )LOWHU }
ionnnno
 onn o o
no o6KRUWWHUP7UHQG
 no 0HGLXPWHUP7UHQGo 
oo /RQJWHUP7UHQGoe
oonno}o
o ono ono
no}}
on nn n n
nonnooonn on
    n  oo

--

nr

o nooonnn  oo


nn noon )ODW o
ono o
no o  non
on n
onnno}o 
oo nooon
nnoo
n on oo nn o
n non  onno}
}noono nro
no n  nn  n
o

n 
onn EX\   }onn HPD 
onn HPD nVHOO }
onn HPD   onn HPD 
rononoonoo nn

--

nr

n }nn }n
$n onoonH[SRQHQWLDO
HPD       } n} n
ron}VHOOVLJQDOnnnoon
o  onoon
j}EX\VLJQDO  oon
 nnn  n
nooHPDdnnoHPDonVHOOVLJQDOn
ojo nd FORVH non ORZnooHPD
oEX\oHPDo   oo
HPDdnoHPDnKLJKnonnn
n

n 

r
on on on oo n
 on   n} VHOO VLJQDO 
oi n on  n n
on on jn  }o
nonnoon

--

nr

onr o n  }n
 on$o}nr
nooHPDoHPDnooHPDon
    r o nn ooo
nooron

n 
nnoo on   oon 
rn%oo$r on
% on rno
n  % nn $ on nonn
%$ n$no
 }oo  nooon
 on onon r
% noononoHPD
nooHPDnnonon
   o nono " nnooo
n n oooo nooon
onoooo"

o
--

nr

on   ononno on o


$nnoHPDnnoHPD
 } VXSSRUW   o HPD   }o n
oHPDo oHPD} n
}o o}o   no HPD  nn
no}

on n  0RYLQJ$YHUDJH%DQGRU&KDQQHO
ononon o no
ro{oo 6KLIW o
}6KLIWo6KLIW
}rrn  6KLIW o  6KLIW
ono
 6KLIW o }o n  o
 (QYHORSH  on o n  &KDQQHO  %DQG on
o(QYHORSHo}on&KDQQHO
%DQG nonno o0RYLQJ$YHUDJH
}no0RYLQJ$YHUDJH}oo&KDQQHO
%DQG}o o
o %DQG 8SSHU &KDQQHO   o}o n oo 8SSHU %DQG }
noonooon non
oo 0RYLQJ$YHUDJH on%DQG /RZHU&KDQQHO o
}noo/RZHU%DQG}no
ooo
 oonn  6KLIW on
6KLIWno(QYHORSH oo oonn
nr6KLIW
o0RYLQJ$YHUDJH&KDQQHO%DQGo
 oo } 8SSHU &KDQQHO o 
}/RZHU&KDQQHO%DQGn+LJK/RZ&KDQQHOnon

--

nr

nonoo(QYHORSH
no}(QYHORSHoooSDUDPHWHUV
6KLIW}rr  6KLIWo }8SSHU&KDQQHO  }/RZHU&KDQQHO }
rrnd rr 6KLIW }o 
0RYLQJ$YHUDJH }no(QYHORSHn
6KLIW}rr o VKLIW}DEVROXWHWHUPn
 n VKLIW non n   EDQG o
 EDQG n  VKLIW o  n
o VKLIW
6KLIWoHQYHORSHo-RKQ+XUVWr
non 3&nn +XUVWooHQYHORSHoo
on   onn
HQYHORSHono}
noVXEMHFWLYHon
0DUF&KDLNLQr%RPDU6HFXULWLHVn6KLIWo}r
rnn nono6LGHZD\
nn %DQG o  nnoo 
 o %DQG oHQYHORSH+XUVWnon
nnnon}on6KLIW
rr
 }n%RPDU%DQG&KDLNLQnrr6KLIW
nonon  nn oo 0RYLQJ $YHUDJH   r
ro 6KLIWn nno 
o%DQGorr6KLIWo6LGHZD\noonrr
o   %RPDU %DQG nooo
rr 6KLIW oo     onn n %RPDU
%DQG  n   onn n %RPDU
%DQGoo%RPDU%DQGoo}
noo
-RKQ%ROOLQJHUo6KLIWo}nn
6WDQGDUG 'HYLDWLRQ   }     nno

--

nr

on o%DQGo noo


 1RUPDO'LVWULEXWLRQ %DQGn%ROOLQJHU%DQG
%ROOLQJHU%DQGn%RPDU%DQGno%DQGo
 o %DQG noo n nn
%RPDU%DQG%ROOLQJHU%DQGon} 9RODWLOLW\ 
onn%RPDU%DQGn
onn }o %ROOLQJHU%DQGo'6on
}nonooo
o }onoo
oo




n 

on
'LVSODFHG0RYLQJ$YHUDJH
oVKLIWon}EDQGno
o  VKLIW onon
nnnVKLIWoVKLIWn

--

nr

oonnoon oon}
nonjoo
on }onn}
on n}o
VKLIW
r}o n -RH 'LQDSROL  'LQDSROL
 o VKLIW onn 'LVSODFH 0RYLQJ $YHUDJH oon
      }rn [  n 
GLVSODFH [
oon n  nn
onno}GLVSODFHGPRYLQJDYHUDJHno
 'LQDSROL  'RXEOH 5HSHQHWUDWLRQ '5  o GLVSODFHG PRYLQJ
DYHUDJHononndnoGLVSODFHGPRYLQJDYHUDJHo
oGLVSODFHGPRYLQJDYHUDJHoonoGLVSODFHGPRYLQJDYHUDJH
}GRXEOHUHSHQHWUDWLRQ no
n GRXEOH UHSHQHWUDWLRQ  no IODW }onon
  n GRZQWUHQG  nn n GRXEOH
UHSHQHWUDWLRQn}oonnoon
n 'LQDSROL oon on GLVSODFHG PRYLQJ DYHUDJH no '5 o  o
 no oo )LERQDFFL UDWLRV onn
(OOLRWW:DYH 

3ULFH2VFLOODWRU
} LQGLFDWRU   o nnon LQGLFDWRU nnon
 nnn on no
n}nnonon onon
o"

--

nr

nn on nono on nno


nonnono
nn"in"non}on

o
3ULFH2VFLOODWRU 0$0$

n 

n}n LQGLFDWRU  SULFH RVFLOODWRU n}


o0&&onH[SRQDQWLDOnrn"
nnonno noon nn
}nSULFHRVFLOODWRUoSULFHRVFLOODWRUnnnnnn
oSULFHRVFLOODWRUon }nnon  o
noon ono
 oonoono
H[SRQHQWLDO ooonoor ]HUROLQH oo
on HPD  ]HUROLQHon HPD n
on HPD    oor

--

nr

ioon HPD    non HPD   o


r nno HPD o HPD  n" o
}
 EX\  VHOO }nnn o
nn nnr no oon}
oHPDoHPDno}oHPDoHPD
nonnoHPD
]HUROLQHoo non }ooo
no

0RYLQJ$YHUDJH&RQYHUJHQFH'LYHUJHQFH 0$&'
o 0$&' } n ,QGLFDWRU n
rono
oonon ono oon nn
noo oon*HUDOG$SSHOo
n  oonno
}0$&'
$SSHOoonnonnoo n
 ooo  noo n
noo  o nnono
 3ORW }o 0$&' ononj %X\ 6LJQDO n
o 0$&'ooonoon 6HOO6LJQDO 0$&'
oon
$SSHOoon(0$ VPRRWKLQJFRQVWDQW  }nn
(0$ VPRRWKLQJFRQVWDQW  }n0$&' o
0$&' (0$  (0$ 
nonon0$&'} VSHFLDOFDVH SULFHRVFLOODWRU ono
3ORWo0$&'nno0$&'oo no
nn nnnono no 0$&' o

--

nr

o'LYHUJHQFHn 0$&' o
0$&'oo
  PRYLQJ DYHUDJH ro 0$&' o o}
n   $SSHO ooon 0$&'  (0$  
GRWWHGOLQH VPRRWKLQJFRQVWDQW}noo0$&'o(0$
j}no0$&'o(0$on}
 0$&' o   }o o 0$&'
n(0$}oonnor
n0$&'o}ono

n 
nnoon}io0$&'GRWWHGOLQH]HUR
OLQHononon oor
n oo EX\  VHOO or GRWWHGOLQH}o
 on nn nojn  GLYHUJHQFH
nnooonnrn0$&'
nono  UHYHUVDO SDWWHUQ n GRXEOH WRSV  }ono

--

nr

onnoo

]HUROLQHo}oooHPDno]HUROLQH
 o nnn oo  o
}ooono]HUROLQH}oo

n 

3DUDEROLF7LPH3ULFH6\VWHP
3DUDEROLF}ono-:HOOHV:LOGHUo
onoo}o
n  SDUDEROLF WLPHSULFH V\VWHP  on
H[SRQHQWLDO r n on WUHQG  n
nVWRSDQGUHYHUVHSULFH n6$5 nn
H[SRQHQWLDOnPRYLQJDYHUDJHon


--

nr

n on6$5onooonn6$5n
} o }nn oon
6$5  }on on o oo
WUHQGo}o
 oon 6$5  onon o
 o n }on o
ooonn
nnon6$5}oron ORQJSRVLWLRQ
VKRUW SRVLWLRQ VWRS EX\ RUGHU  VWRS VHOO RUGHU on  oonnn
6$5ooononn}n
nORQJSRVLWLRQonoooo o"o
WUHQGnVKRUWSRVLWLRQ}oORQJSRVLWLRQno
 oo no oonn r
no   "  rn o
 o oj WUHQG o no
nooo
nnVWRSEX\RUGHUVWRSVHOORUGHU}ono}
nVWRSEX\RUGHUnnonoon
nojnnono}o
o  n oonooo o
ir nnooojno
oo o oonr o
VWRSEX\RUGHU
nVWRSVHOORUGHUn n o o
no no}nn oono
no oono non oo j
nono oo
VWRSVHOORUGHU

6WRS$QG5HYHUVH 6$5

--

nr

onnn6$5on"non6$5n
nnH[WUHPHSULFH (3 SRVLWLRQdH[WUHPHSULFH}
oonpo"o"oo
o   oono} XSWUHQG 
GRZQWUHQG nono
8SWUHQG
 SRVLWLYHVLGH n6$5nnoonVKRUWSRVLWLRQ
dnn6$56$5on
6$5 3UHYLRXV/RZ
6$5W 6$5W$) +6$5W

6$5W

nH[SRQHQWLDOo}oo
nn6$5Wn
6$5W  6$5WW
$)
 $FFHOHUDWLRQIDFWRU H[SRQHQWLDOVPRRWKLQJFRQVWDQW on
 KLJKHUKLJKnononnORQJSRVLWLRQn$)
nnno n nnn $) n n
onn
+
 nORQJSRVLWLRQ dVWRSEX\RUGHU n+
n

'RZQWUHQG
 QHJDWLYH VLGH   n 6$5 nn ORQJ SRVLWLRQ d nn
6$56$5on
6$5 3UHYLRXV+LJK
6$5W 6$5W$) /6$5W

6$5W  nH[SRQHQWLDOo}ooo
n6$5Won

--

nr

6$5W  6$5WW
$)  $FFHOHUDWLRQIDFWRU H[SRQHQWLDOVPRRWKLQJFRQVWDQW on
 ORZHUORZnononnVKRUWSRVLWLRQn$)
nnnonn$)on n
8SWUHQG
/
 nVKRUWSRVLWLRQ dVWRSVHOORUGHU n/
n
nnon onn6$5"n
 SORW n 6$5 o nn nooo
nonn}n"noo o
rn
n on }3DUDEROLF7LPH3ULFH6\VWHP6(7,QGH[3ORWn6$5}o
nnnono6$5}o UHVLVWDQFH noo
non o 6$5 } VXSSRUW    noon    
}o6$56$5n}6WRS/HYHO%X\3RVLWLRQnn
6$5n}5HYHUVDOo}on

n 

--


r }
r ro }
 ,QGLFDWRUV  on
 nn o
n no
nnoo
oro  nooon  n
2VFLOODWRU  n noon  n 56,  6WRFKDVWLF }o
o}o}n  no
n 6LGHZD\V nn  nn
2VFLOODWRUVononoo}
oon}8SWUHQG'RZQWUHQGnon
no 2VFLOODWRUV nnonon
nooo

o ono2YHUERXJKW2YHUVROG&RQYHUJHQFH'LYHUJHQFH
,QGLFDWRUV nn}r 'HULYDWLYHV  o no
} ,QGLFDWRUV }nn
n }ononnno
nno
 on njo  nnnro no
  jon nnoo n
o njoonn n
ojoonn }n oo

--

nr

o nn nn n
on2YHUERXJKWnoon
oonnonno
onn nnn 
}nn o o on
n nonon2YHUVROG
nnrojo
,QGLFDWRUV } } n
n,QGLFDWRUV noo
n}&RQYHUJHQFHnnn n on
 n ,QGLFDWRUV o n 'LYHUJHQFH }
n o on ono
 5HYHUVDO 
nr,QGLFDWRUo
no7UHQGOLQHFKDUWLQJWHFKQLTXHon,QGLFDWRU}
no n oo
o,QGLFDWRU 
non nnrnn ,QGLFDWRUnn
n

nn,QGLFDWRU
o,QGLFDWRUnnn2YHUERXJKW2YHUVROGno

o,QGLFDWRU 'LYHUJHQFH }n


 5HYHUVDO 2VFLOODWRUn2%26
,QGLFDWRUV,QGLFDWRUnor =HUROLQH }o
7UHQG

--

nr

0RPHQWXP5DWHRI&KDQJH
},QGLFDWRU{n1n
0 33Q

3
3Q

d{
dQno

0RPHQWXPo
5 33Q
n}5DWHRI&KDQJH}o
ron5nn03Qno5oorr
  0 }  5 }rr
o    n    5DWH RI
&KDQJH}5  33Qo}5DWHRI&KDQJHn
n
 n 5 o  o}rr } nn
 o 5DWH RI &KDQJH 5   0RPHQWXP 0  o nn
nnn0RPHQWXPorn5DWHRI&KDQJHo o
o n0RPHQWXPo
o 0RPHQWXP  oonn noo
nonon8SWUHQG
n 0RPHQWXP  o non 0RPHQWXP
o noo 0RPHQWXP n   o 0RPHQWXP
}no
nn0RPHQWXP
o 0RPHQWXP  noron}
8SWUHQG oo5DWHRI&KDQJH
o0RPHQWXPnoron}'RZQWUHQG

--

nr

0RPHQWXPnorn8SWUHQG
0RPHQWXPnorn'RZQWUHQG nooor
5DWHRI&KDQJH

n 
no PRPHQWXP}r on }
nPRPHQWXP n}noon  EX\ 
PRPHQWXPnnnoononjn
 n}onnno VHOO
 PRPHQWXPonnnoononjn
oo onnon n   } XSWUHQG no
oHPDVORSH}nnn VORSH oHPDon
}XSWUHQGnnnoHPD}rIODWnn
oono

5HODWLYH6WUHQJWK,QGH[ 56,
},QGLFDWRUo-:HOOHV:LOGHU0RPHQWXPnoo{
0RPHQWXP

--

nr

oooo 0RPHQWXPoo {
o
{o2%26nnn0RPHQWXPor}
n o5DWHRI&KDQJH nnon0RPHQWXPon
nn2YHUERXJKWnn2YHUVROG
56,oo{n
56,

= 


 + 56

56
nn n H[SRQHQWLDO no JDLQV  n Q  n
H[SRQHQWLDOn ORVVHV nQ n o n
2VFLOODWRUooo56,non
nnn  56,}o
on o n 56, nnn   
on56,nnonn56,n
nnn
r o 56,on
2YHUERXJKW 2YHUVROG n 2YHUERXJKW  onn 56, n 
 no o oon
nn2YHUVROGnoo
oonononnonn
oo  2YHUVROG  2YHUERXJKW  oo
56,}nonnooo
o    nn  non
n 56, no 
noornnj
non n non56,
}nonrn on
onrn +HDGDQG6KRXOGHUV 56,oo1HFN/LQHn
nnor

--

nr

n 
o56,onnnnn nnon
onoo WUHQGOLQH n56,oo}oo56,
}o56,on
o}  56, nn rn
56,onon
n 'LYHUJHQFH nnon  56, n
o}nono}
56,}non56,o
'LYHUJHQFHn56,o 56,)DLOXUH6ZLQJon
n n  56,  no  2YHUERXJKW  nn
o 7RS nno  %RWWRP n no n 7RS )DLOXUH
6ZLQJ o o 56, noo  2YHUVROG  no 7RS  %RWWRP
nnon%RWWRP)DLOXUH6ZLQJ}
n2%26}nn onon 56,o
'LYHUJHQFH2%26 56,nio
no}

--

nr

n}GLYHUJHQFHnGLYHUJHQFHn56,
 WRS nonooonnn
VORSH on n}   56, n n
onnno VORSHon56,n} n
 GLYHUJH on}o
    } GLYHUJHQFH n }nn
ERWWRP    on oon n  56, no
o o VORSH  on o
n56,}ono

n 
oo}ono56,no}%X\6LJQDO
n56,no}6HOO6LJQDOnnn}
oo n56,onn o
noooRYHUERXJKWn
oo}o}oRYHUVROG
nn  o}nnnn} 8SWUHQG 'RZQWUHQG
6LGHZD\Vno0RYLQJ$YHUDJH56,o
} )LOWHU   56, oj 56,

--

nr

 oono 56, ooo

5HODWLYH0RPHQWXP,QGH[ 50,
oon56,56,nnn2YHUERXJKW2YHUVROGn
 n   o 56, o 2YHUERXJKW
2YHUVROG on oo{ o
oPRYLQJDYHUDJH}nnoWUHQGOLQHFKDUWLQJWHFKQLTXH
ooo 5RJHU$OWPDQ56,or
 JDLQ  ORVV 
\n}\GD\0RPHQWXP$OWPDQ56,nn
5HODWLYH0RPHQWXP,QGH[ 50,
onn56,} 6SHFLDO&DVH 50,n56,50, \ 
 56, n50,nnn   
r 56,no on\o0RPHQWXPno
50,on2YHUERXJKW2YHUVROGno

6WRFKDVWLF
}on6LGHZD\no 6WRFKDVWLF
}ono*HRUJH/DQHn/DQH}ooLQGLFDWRU
n  n  ,QYHVWRU (GXFDWRUV on 6WRFKDVWLF
3URFHVVon}6WRFKDVWLF3URFHVVnLQGLFDWRUo
on}nLQGLFDWRU6WRFKDVWLF,QGLFDWRU
noo6WRFKDVWLF3URFHVV
6WRFKDVWLFondoo+LJK
  nn do /RZ n
n ondn /RZ nno
+LJK/RZn1n} 1 

--

nr
(C L N )
% K = 100

(H N LN )

&
+1
/ 1




d{
n1n
n1n

n n  . o n  o
LQWHUQDOVPRRWKLQJ .o}.VORZLQJn
n

(C - L N )

%K Slow = 100 ni =1

(H N - L N )
i =1

 ono o

( C LN )

 &/ nn

( H N LN )

 +/ nn

n
n

i =1
n
i =1

.nooo6WRFKDVWLFooon'0RYLQJ$YHUDJH
0 o . .VORZLQJ no n
 n.o. o o' o n
M

%D =

% K or % K Slow
i =1

noon.nndnrn
n
or 2%26    6WRFKDVWLF  no  o    nn
6WRFKDVWLFnno'nnn
o'nnn


--

nr

2VFLOODWRUn

.'.'o}n.'.
n n ooo'n/HIW&URVVLQJ .'
n ' on n .'oo'n5LJKW&URVVLQJ n
nonrn 'nn}n
n
'LYHUJHQFHo'nonno7RSnno
n8SWUHQGn o'RZQWUHQG}8SWUHQG
o'nooo%RWWRPnn}no
on    GLYHUJHQFH  WRS  GLYHUJHQFH
ERWWRP nonn6HWXS
.'no *HRUJH/DQHn+LQJH onno
}onno
 n . n  }   }n
nononnn
n.nn. ([WUHPHV  }o
.   .  o   .no od
nnon  . o  on oo
6WRFKDVWLFo
o.'oo'n non nnn '
}nn}ro
n  } }6WRFKDVWLFoo6(7
LQGH[    n  
 on  nonon on %X\  6HOO n on
on     nn}  n  o  n
on o n  n nn
  o onoo  no
 o  oo no
ooPRYLQJDYHUDJHno"

--

nr

n 
nn56,nGLYHUJHQFHn6WRFKDVWLF
GLYHUJHQFHon nooo nn

n 

--

nr

:LOOLDP
V5
oo /DUU\ :LOOLDP  6WRFKDVWLF n
o  6FDOH n    nnono
2YHUERXJKWnno2YHUVROGno
6WRFKDVWLFnndnd
1no 1 n6WRFKDVWLFo
%R =

HN C
H N LN

 :LOOLDP
V56WRFKDVWLFn nn 
:LOOLDP
V5nnGD\6WRFKDVWLF
:LOOLDP
V5ooo2VFLOODWRUnn:LOOLDP
V5
nooonnoo:LOOLDP
V
on} nnn}n}o
n}
o :LOOLDP
V noo PRYLQJ DYHUDJH }n 6WRFKDVWLF n
rn PRYLQJ DYHUDJH oo n :LOOLDP
V 5 } 6WRFKDVWLF
oo ro}
n
no :LOOLDP
V5ooon nnn
}oo  nn  n }
onon:LOOLDP
V5o
nnnnno o :LOOLDP
V 5
o nn:LOOLDP
V5onor 
    :LOOLDP 5  'LYHUJHQFH
ono

.67,QGH[6XPPHG5DWHRI&KDQJH,QGH[
.67,QGH[}LQGLFDWRU0DUWLQ-3ULQJr o
  o nnon 7UDGH &RPPRGLWLHV   3ULQJ
LQGLFDWRUn.67nn.QRZ6XUH7KLQJnon LQGLFDWRU
VXUH.67nnoonn3ULQJon

--

nr

n 
.67}5DWHRI&KDQJH 52&  n 52& 
nno([SRQHQWLDO0RYLQJ$YHUDJH
no.67,QGLFDWRU{o }o
.67 (Q 52&W (Q 52&W (Q 52&W (Q 52&W

 52&WL5DWHRI&KDQJHWL(QLQLGD\H[SRQHQWLDOPRYLQJDYHUDJHn52&WL
n.67on 52&nW!W!W!W
on.67}:HLJKWHG0RYLQJ7RWDO([SRQHQWLDO0RYLQJ$YHUDJH5DWHRI&KDQJH
n
3ULQJ n o n  W  W  W  W  n
H[SRQHQWLDOVPRRWKLQJQ Q Q Q 
.67}5DWHRI&KDQJH .67 n 6XPPHG
5DWH RI &KDQJH  o .67  no 6PRRWK  o H[SRQHQWLDO PRYLQJ
DYHUDJHoo ZHLJKWHGPRYLQJWRWDOno
nnon

--

nr
.67noonon

nnnn :KLSVDZRU,UUHJXODULWLHV 
 o } nn  .67
n n o .67  nn
o.67n
no.67noo52&
no.67onLQGLFDWRUGLYHUJHQFHn.67
no no GLYHUJHQFH  nn n
GLYHUJHQFHono onnp
3ULQJ ooo o o .67 no
o o .67 on } o LQGLFDWRUV
 oon .67 o } FRQILUP 
nWUHQGOLQHFKDUWLQJRYHUERXJKWRYHUVROGro.67
on

'LUHFWLRQDO0RYHPHQW6\VWHP '06
-:HOOHV:LOGHUo}oo'LUHFWLRQDO0RYHPHQWV\VWHPn'06}
 WUHQGnonLQGLFDWRUV
 '06  PRPHQWXP n nnon PRPHQWXP
non
onnonnn'06WUHQG"oonon
on nonon n
onornWUHQGon
} VLGHZD\V nn  no EURNHUV  n EURNHUV
 ono   :LOGHU o o '06  }o
 on  nono
VLGHZD\PDUNHWnrn

--

nr

o '06  oonoon '06  }n LQGLFDWRUV


nno3RVLWLYH'LUHFWLRQDO,QGLFDWRU 3',', 
0LQXV 'LUHFWLRQDO ,QGLFDWRU 0',  ',     $YHUDJH 'LUHFWLRQDO 0RYHPHQW
$'; nro
nn nnn nnon" oonon
3OXV'LUHFWLRQDO0RYHPHQW 3'0'0 n0LQXV
'LUHFWLRQDO0RYHPHQW 0'0'0 o7UXH5DQJH 75 nn3'00'0
75nooon3',0',$';

3OXV'LUHFWLRQDO0RYHPHQW 3'0 0LQXV'LUHFWLRQDO0RYHPHQW 0'0 


7UXH5DQJH 75
n3OXV'LUHFWLRQDO0RYHPHQW0LQXV'LUHFWLRQDO0RYHPHQWoon
3'0 ++S
0'0 //S

+
+S
/
/S






W
W
W
W

n3'0n}rn
+onn+S
3'00'0
0'0n}rn
/nn/S
3'0!0'0
n7UXH5DQJH 75 }nr $EVROXWHYDOXH nnn |+/||+
&S||/&S|

--

nr
75 0D[>|+/||+&S||/&S|@

3',0',$';
noonn3'00'075o nnooo
nnnoo}noPRPHQWXP"
nrooonoonLQGLFDWRUnn'06on
n3',0',$';nn}no 0RYLQJ7RWDO 3'00'075
on
n

PDI (n) =

PDM
i =1

TR
i =1

non n o o WUHQG  n


3'0n}oonooo}nn
non3',n
non3'0}rnonn3',o}rj
n 3',  nnn nonn 3'0 n}rn no}
nonon3',n}r
n

MDI (n) =

MDM
i =1

TR
i =1

ooWUHQGn0'0}o
onoo}nnnon0',n
 3',oooon0'0}r nonn0',o
}rj }n n n 0'0 n}rn
}no n on0',n}r

--

nr

n3',0',oo 0RYLQJ7RWDO oon


 ooonoQno
}n 6LPSOH0RYLQJ$YHUDJH } :LOGHUon
nro([SRQHQWLDO0RYLQJ$YHUDJHonn
 onnn  n 3',  6PRRWKHG 3'0 o 6PRRWKHG 7UXH
5DQJHn6PRRWKnoo 0RYLQJ$YHUDJH}0RYLQJ$YHUDJH

$';no on'LUHFWLRQDO0RYHPHQW,QGH[';n o
$';n'; ';o
DX =

PDI MDI
PDI + MDI

$';n';
n

ADX (n) =

DX
i =1

n no 6LPSOH 0RYLQJ $YHUDJH  n o


([SRQHQWLDO0RYLQJ$YHUDJHonnQ:LOGHUoo Q } 
3',0',$';
';$';on';$';nnn$';}no
}o 7UHQGLQJ 0DUNHW   }no 6LGHZD\ 0DUNHW  o $'; oo 
no nn}oooo  no$';oo n
}VLGHZD\}no{n
on3',nnn0',oon}
no 0',n}rn}onr';on$';
o} WUHQG noo

--

nr

noonnn3',no 0',nn
rn3',0',oonr';o$';
n}onWUHQGoonVLGHZD\PDUNHW
on0',nnn3',oon}
no3',n}rn}onr';o$';
o} WUHQG noon
noo nn n 0', n  3', n
nr n0',3',oonr';o $';
n}onWUHQGoonVLGHZD\PDUNHW
 $'; } LQGLFDWRU  on WUHQG n"
nn}nGLUHFWLRQDOPRYHPHQWWUHQGn
oooVLGHZD\PDUNHW

""
onLQGLFDWRUV'06ono
'06oo}XSWUHQGGRZQWUHQG

8SWUHQG
GLUHFWLRQDOPRYHPHQWon3',0',nono
 } nno }
n nn3',0',nn
 nn ono } VLGHZD\V  n
}ooo$';}n}n WUHQG
on
o'06n3',0',nonn}
nnonon
WUHQGon VLGHZD\PDUNHWnrono
$';oon

--

nr
'RZQWUHQG

GLUHWLRQDOPRYHPHQW n0',3',noon
no  n oo oonno
nnnon onon n rn
oo ononnno VKRUWVDOH n
o$';}}onWUHQGn}WUHQG
n oo oon n ooo
on0',3',onno$';
WUHQGoonVLGHZD\PDUNHW
no'06nn
n  onn}  n n o '06
nn}6(7LQGH[on$o3', o oo0',
on    nnoon }n no
o $';  onn WUHQG o  o $';
o o3',o0',no$$6(7LQGH[

n 

--

nr

 $$ on 6(7 LQGH[ nn %% n}o 6(7


LQGH[   o 3',  0',  o $';   %  }on WUHQG
oonVLGHZD\PDUNHWonno%%on6(7LQGH[
ononn}noion
o o 6(7 LQGH[  nn no o}
VLGHZD\ PDUNHW  } o
%%nn%%nnoon
nno n6(7 LQGH[  oo
%%
nonVLGHZD\ n%%&& noon'06oon
  &  o 0',  3',  o $'; 
GRZQWUHQGoon6(7LQGH[oo
oooooon'
'06 ''6(7LQGH[ o3',o0',o$';}oo
nGRZQWUHQGonVLGHZD\PDUNHW
  '' i"  ono VLGHZD\
PDUNHWoj((nn''((}nVLGHZD\on
no''nn noooo
jo(('06(n"

--


r 9ROXPH  }n
n 6WUHQJWK  n :HDNQHVV 
nonn
9ROXPHo}
 7UHQG5HYHUVDO
r  }nr   }
o 'HPDQG   o 6XSSO\ 
 }r on
ro
 r }o  n
 dooo   no oo}
no}o}n
o ,QGLFDWRUV ooonoo
 %DU &KDUW }n n
n   n  nno nnn  o
r n}  o%DU&KDUWnonnn
n

ro
onrno
oon }on  oonn
o}oo  o
nono

--

nr

onn)UHH)ORDWLQJonn
orn oro
o} o nn )UHH )ORDWLQJ oon
ono 
or  n or o

n  }ooono n}
no } non}
}no oo o
o  o
on ooooon

n}ooo on n
oonnoon o
o n oonnn}
oonnnon

rn
   nn o
8SWUHQG no }o
oonn}8SWUHQGo
 )OXFWXDWH onon8SWUHQGn
}o o n oo
 o onnni
n nnnoo non
ooio
 nn  o 'RZQWUHQG  
rnooo
o

--

nr

n ono nnon}oo
}o o n }o
   oo n oo
nnnn  oo
o
   nn} &RQVROLGDWLRQ 3HULRG  &RQWLQXRXV  3DWWHUQ
6LGHZD\  n n nn 'LUHFWLRQOHVV  
n }nnn n nnooi
rooon

2Q%DODQFH9ROXPH 2%9
2%9 }non n
od} o $FFXPXODWLRQ   od
}no 'LVWULEXWLRQ
2%9ooonn
o

d!n

2%9n 2%9o

dn

2%9n 2%9o

d n

2%9n 2%9

2%9 nnoo   o  2%9


nnn2%9no
2%9noo 6KRUWWHUP  ,QWHUPHGLDWHWHUP 
}noo 2%9
'LYHUJH 
 }n2%9n}no 6(7LQGH[on
nnonn6(7LQGH[n
 noo}nnoGHPDQGoVKLIWo
nonn6(7LQGH[onn2%9n

--

nr

ono GRXEOHWRSVoGLYHUJHQFHn2%96(7
LQGH[

n 
nn6(7LQGH[2%9nGRXEOHWRSVno6(7LQGH[n
n oonnn ng
n o2%9nGLYHUJHQFHno
oo

&KDLNLQ$FFXPXODWLRQ'LVWULEXWLRQ &+$,.,1
}n 2%9 n odnn
nono n nod
o +LJK nnnnoodn
  /RZ n 6HOOLQJ3UHVVXUH  o
on2%9odn nno
o}on&+$,.,1oon
&+$,.,1 GD\(0$RI $FF'VW GD\(0$RI $FF'VW

--

nr

 $FF'VW on $FFXPXODWLRQ'LVWULEXWLRQ/LQH 


(Close - Low) - (High - Close)

(Acc/Dst) =
Volume + I
(High - Low)

, $FF'VW 

nn&KDLNLQo
oon 1HZ+LJK 6WRFKDVWLF!n &KDLNLQno1HZ+LJKo }
6HOO6LJQDO
oono 1HZ/RZ 6WRFKDVWLFn&KDLNLQno1HZ/RZo
}%X\6LJQDO
nononoon QHZKLJK o VORSH
on} n6WRFKDVWLFnnonnn
FKDLNLQnoQHZKLJKo VHOOVLJQDOnoo
orGRXEOHERWWRPV

n 

--

nr

r GRXEOH ERWWRPV n   6WRFKDVWLF nno  o


&KDLNLQGLYHUJHQFHo " 
onnoonn
oo n }n
nn  n on or} GRXEOH WRSV  VWRFKDVWLF
FKDLNLQ nnono oonn n  }
nog o  FKDLNLQ n GLYHUJHQFH   VWRFKDVWLF n
RYHUVROG]RQHn}nn
nn nonon &KDLNLQ o on }no
nn  onn nn on
n  no} }r  }oo
onn oonn o nn}
EX\VLJQDO&KDLNLQn} }r nn}
VHOOVLJQDO
onon

n 

--

nr

 EX\VLJQDO 
 VHOOVLJQDO 
nonononno }n
noonn"

o0$o0$oo &KDLNLQnn]HUROLQHn
}EX\VLJQDO onon
o0$o0$o o&KDLNLQnn]HUROLQHn}
VHOOVLJQDO noon

n 
n  on  EX\  &KDLNLQ  o o
&KDLNLQor o0$oon VORSH
n}  n noo  &KDLNLQ o
ro 0$   VORSH on  n n}
nonn&KDLNLQn ornnn VHOOVLJQDOn
  VORSH onn}rn nnn  n n
nn

--

nr

n 
nnonoon o
onrno&KDLNLQ n n}no
onnon 
nn n
noo
&KDLNLQ }o o 9ROXPH 
n }n}  8SWUHQG  no 9ROXPH n}
'RZQWUHQG
o&KDLNLQo 7RS  %RWWRP 
oGLYHUJHQFHn&KDLNLQ

3ULFH 9ROXPH7UHQG 397


397oo2%9n9ROXPHon
 2%9   397 orr}n 9ROXPH
ornn}oooon2%9

--

nr

(Today Close - Last Close)

PVT = I +
Volume
Last Close

,n397ror2%9

9ROXPH2VFLOODWRU
}nnn 9ROXPH   n
9ROXPH2VFLOODWRUor =HUROLQH n6KRUWWHUP9ROXPH0$n/RQJHUWHUP
0$
nonnoooQHZKLJKnYROXPHRVFLOODWRUn
 ]HUR OLQH o  n   n
oQHZKLJK}GRXEOHWRSV

n 

--

nr

nn onon YROXPHRVFLOODWRUnor


 ]HUR OLQH o n on nn  n
onoo
}} o YROXPHRVFLOODWRUo ]HUR
OLQHoYROXPHRVFLOODWRUo
]HUROLQH

9ROXPH5DWHRI&KDQJH
  nn 9ROXPH &KDQJH  n 1 
1no{n1n52&}
o{n1n52&}o
}52&oono

--


o
r oo n
ooonr
n0HWD6WRFNnon
ooj n
or n 0DUNHW
$QDO\VHU 3OXV   n n
n

$GYDQFH'HFOLQH/LQH $'/,1(
}no  n non
nnoonnnoonn nn}
 onnnno $'/,1( }
n 6(7,QGH[ ooonn
no$'/,1(o}jnono
onnno
o$'/,1(onnnonn
$'/,1(no
 $GYDQFH  odnn  'HFOLQH odnn
n  ood   od     $GYDQFH  
'HFOLQH 
oo$GYDQFH!'HFOLQHn$GYDQFH'HFOLQHo$'/,1(
on$'/,1(

--

nr

oo 'HFOLQH ! $GYDQFH n 'HFOLQH  $GYDQFH   $'/,1(


on$'/,1(

n 
n  n o n n $'/LQH n
n6(7LQGH[GLYHUJHQFHnnn n
oonGLYHUJHQFH" nnGLYHUJHQFH6(7LQGH[
}onnonno6(7LQGH[oo
n   }o ono  $'/LQH 
VORSH }non6(7LQGH[non}
 on } 6(7 LQGH[  n  }n 6(7
LQGH[o$'/LQH}o

2YHUERXJKW2YHUVROG,QGH[ 2%26
} $'/,1( onn  n
o 1 n no 1 n
o 1 onnn

--

nr
OBOS =

N - Day Moving Accumulated Advances


N - Day Moving Accumulated Decline

o2%26!n2YHUERXJKW
o2%26n2YHUVROG

2%26 o} nono  o


dnodn}}no
 2YHUERXJKW   o}n}
2YHUVROG
n 2%26 nn     n 2%26 nn 2YHUERXJKW
2YHUVROG  n o on  o} 2YHUERXJKW o
2%26n nn2YHUERXJKW n 2%26 n}n
2YHUVROGnoono2%26
nn2YHUVROGnn}oo}
n  2%26  nnoo n
n2YHUVROG2YHUERXJKW}nnoo2%26
noon}o 2%26}ro
onn}o

0F&OHOODQ2VFLOODWRU 02
6KHUPDQ0DULDQ0F&OHOODQ}$'/,1(}2VFLOODWRU
nnGD\GD\ZHLJKWHGPRYLQJDYHUDJH$'/,1(0F&OHOODQ2VFLOODWRU
o}on   $'/,1(  oo

02 n}on
'LYHUJHQFH
02 o  o  oon n }
FRQILUPo

--

nr

75DGLQJ,1GH[ 75,1 $UP


V,QGH[
}$GYDQFHV'HFOLQHVo DGYDQFHo
 GHFOLQHo5LFKDUG$UPn$UP
V,QGH[n$UPn75,1n
75DGLQJ,1GH[
75,1}n$GYDQFH'HFOLQHo}
Advancing Issues
Declining Issues
TRIN =
Advancing Volume
Declining Volume

onnon
Declining Volume
Declining Issues
TRIN =
Advancing Volume
Advancing Issues

no non oodn


odnoodonn
n}od
 o 75,1 ! n onodn
onodnnn on o75,1o
nnnnonoo75,1 n
o3ORWo75,1nnn
 on  n 6LPSOH
0RYLQJ$YHUDJH 75,1oonono
    on n 75,11
1on 

--

nr

o 75,11 n  nn 2YHUVROG o 75,11 n  nn


2YHUERXJKWo nnnn oo
}no}
oo'RXEOHPRYLQJDYHUDJHFURVVRYHUn75,1o
75,175,1}oWUHQGOLQHFKDUWLQJWHFKQLTXHV
VXSSRUWUHVLVWDQFHSDWWHUQn75,1o

0DUNHW7KUXVW7KUXVW2VFLOODWRUV
-DFN5XVVLQooo75,1non75,1on75,11o
nno75,1 n }




$GYDQFLQJ $GYDQFLQJ 'HFOLQLQJ 'HFOLQLQJ


,VVXHV
9ROXPH
,VVXHV
9ROXPH









75,1

75,1







oddno nodn
dn nodndn
 oo n  nn p n '$<
60$  75,1 on 75,1   n noo 
75,1non
5XVVLQ on $, ', $9  '9 on 75,1
 n 75,1  o{o o n /RQJ
7HUP$UP
V,QGH[ /7$,
5XVVLQnoo 75,1noono
75,1n75,1on$,',$9'9oo n$,!',
n$9'9n5XVVLQno ,QWHUQDO'LYHUJHQFH oon
oonon75,1o
7XVKDU6&KDQGH o{ 5XVVLQ  o LQGLFDWRU nn 0DUNHW 7KUXVW
07 7KUXVW2VFLOODWRU 72

--

nr

MT =

( AI )( AV ) ( DI )( DV )
1,000,000

TO =

( AI )( AV ) ( DI )( DV )
( AI )( AV ) + ( DI )( DV )

07oonnnonno}n6FDOLQJ)DFWRU
o  {on
onn
o7207 o n}07o1RUPDOL]Honn
nonnon
&KDQGHnn2YHUERXJKW72n2YHUVROGno
r75,1

--

 
d )LERQDFFL 1XPEHUV 
n d
 )LERQDFFL6HTXHQFH n}
o
on}
n  *ROGHQ5DWLR o nn}{n
n}rroo
n }r   o nnn
no}n}n
n oo }o o oo
n onnnnonnr
 (OOLRWW:DYH  &\FOHV nnoo}n

d
d}rdn   r d /HRQDUGR
)LERQDFFL  n}on
  }g nr  n
   rnnnn nn
}o nooon no
,,,,,,,99no}nn
oonnon
nd}rdn}nondn
onooon
onnno noornnono
o nodorno o
rn o n n

--

dro

nr

/LEHU$EDFL n%RRNRI&DOFXODWLRQ }o


noo{
dn} o  }r}
nrr
nodnrn
}no
o d oonr{n no
onnonn }non
dnr oond or
dnd}rn %RQDQD oondnno
onnonnn

d )LERQDFFL1XPEHUV
ndo{oon
nnnooro oo
n  n  on  n oo n  e
n

n
n

1
2
3
4
5
6
7
8

1
1
2
3
5
8
13
21

dnn
{n}dnnn n
oonro nn n nooo

--

dro

nr

nn}nnnonnn
ronnono
nnnnone
nnnnnoneo
nn oonnn
n non
nnonnoon nnn
 n  d  oon  d
}nonoooo}n

ooooonn
o ono }n n
dno}nn
 d n }d}oo 


dnoonon

d
od
 d nnno  nn
dn&RPPRQ)DFWRU
 d   o no   oo
o oonn
oo

--

dro

nr

   nd nn
noo
 d on )W  )W  noo   nn   

 donno )W )W noo nn
 
 don )W)W noo nn
 
 donno )W)W noonn
 
ornon
 


 [
 [

  
 
 
 

 
 [
 [
 [

  
 
 
 

n   }no
nn}nn *ROGHQ5DWLR }
nnn}

n{
n nnod ono
nn  *ROGHQ0HDQ or ne 3KL }
n    o o 7LPDHXV n n 3KL }
rnr }drno
o 3DWKHQRQ dnnm o
on
n o nnon nn n
}n inoon
 nnnnn

--

dro

nr

nnnon  $oo
 onnn '1$'LR[\ULER1XFOHLF$FLG
}r n'1$n }no
%
nnonno   &  o oo
oo}noon *ROGHQ5HFWDQJOH
oono oo
oonoon}nno
on  o o n  
ooon
}on
A.

B.

nnr

n '1$

0.382

0.618

0.618

0.382

0.236

0.382

1.000

0.618

0.382
1.000

C.

no

1.000

1.000

0.618

1.618

n
 n}nn onoo n
oono } }onn
non}non
n

--

dro

nr

odnonno
d roo   n     
  orjo non no
} 5HWUDFHPHQW n ([WHQVLRQ 

o nn
n on    5HWUDFHPHQW   n
([WHQVLRQ  nn oo on  o}
non nn nnon
 nno o   n}n
nnn
F

}}on
n no
ojon jo
n ([WHQVLRQ  n
o

n  n }
} n}nn
ojo}j

 { jnn nn
A
nnonn
nn odoj
n
n  j n
)LERQDFFL5HWUDFHPHQWjno nd )LE1RGHnj
n n )LERQDFFL ([WHQVLRQ nj
nnj 2EMHFWLYH3ULFH 

j )LERQDFFL5HWUDFHPHQW

--

dro

nr

)LERQDFFL 5HWUDFHPHQW }jn n o}


 o}     j
o} $ o} %
o}  jnoo
o  $  $  
n  %  $   o no  
n%$nn%$
n )LE1RGH  n )LE1RGH   o} )LE1RGHV o}
5HVLVWDQFHj
o}  o  $
% nn %% j)LE1RGHn
%$j)LE1RGHnn%$
o} )LE1RGHV o} 6XSSRUW } o

%

$
FibNode 1

FibNode 2

FibNode 2

FibNode 1

$
%
o} o}
j
n)LE1RGHVnoo nn
on}o}n
n o  n no 

--

dro

nr

o n%$n j


n[ n%j)LE1RGHn
 
j)LE1RGHno *ROGHQ5DWLRo
)LE1RGHn[ 




)LE1RGH 



)LE1RGH 



 
nj 5HWUDFHPHQW
 nonnj 5HWUDFHPHQW  )LE1RGH
)LE1RGHonn}nrn
 n onno
)LE1RGHnn )LE1RGHon
o rn o )LE1RGH o
o)LE1RGH
F

.

.
B

.

.

--

dro

nr

 j)LERQDFFL5HWUDFHPHQW
o)LE1RGHo)LE1RGHn
o )LE1RGHCn{on noo
nj..nj..n}
 )LERQDFFL 5HWUDFHPHQW 5DWLR n   nn  .   )LERQDFFL
5HWUDFHPHQW5DWLRnn()n&)
 . } on}o }
o WURXJK ( 5HWUDFHPHQW5DWLR
&)$)

jn )LERQDFFL([WHQVLRQ
n ([WHQVLRQ o$%
 $o}ono
n%o}
H;WHQGHG 2EMHFWLYH 3RLQW ;23

2EMHFWLYH 3RLQW 23
&

&RQWUDFWHG 2EMHFWLYH 3RLQW &23

&RQWUDFWHG 2EMHFWLYH 3RLQW &23

&

2EMHFWLYH 3RLQW 23
H;WHQGHG 2EMHFWLYH 3RLQW ;23

$jn
o}

%jn
o}

 jn ([WHQVLRQ2EMHFWLRQ3ULFH


j 7DUJHW2EMHFWLYH nn}jo
j &RQWUDFWHG2EMHFWLYH3RLQW &23n$%
j 2EMHFWLYH3RLQW 23$%nonn
on

--

dro

nr

j ([WHQGHG2EMHFWLYH3RLQW ;23n$%


 nj}j o} o j
 23onn &23o;23
o  n no n o}o 
n o,QGLFDWRUV n 56,
o'LYHUJHQFH n&23n23o
on n%UHDNDZD\*DS
0RYLQJ$YHUDJH&KDQQHOon jo;23o
;23  
23  



&23  


%





&

 
njno
 ([WHQVLRQ2EMHFWLYH3ULFH
n &2323;23no  n
o}n $ no%
n&on j
 ([WHQVLRQoo $%&nj
on$%n
n$%n &23n&n[
 n&23n n23n 
;23n[ 

--

dro

nr

n
n  ojno n
nono%%/%%/ nno}
nn}onno}no
6WRFN %%/

7\SH 'DLO\ .&KDUW

j
Date:
Open:
High:
Low:
Close:
Date:
Open:
High:
Low:
Close:

12/18/95
212
212
208
212

12/25/95
218
222
218
220



   [ 



   [ 





n  n)LE1RGHV5HWUDFHPHQWo%%/
n on on n o
%%/ }o%%/o n 
$ o%  n
onnonnnn
o}nn$%n 
)LE1RGHVo)LE1RGH [ )LE1RGH [
 no
on  n )LE1RGH   n % o
dndn)LE1RGHoojo}
)LE1RGHojonn
joooo
onnn
n )LE1RGH  o ndn )LE1RGH  on  }n

--

dro

nr

ojoonjon
joonjnooo  no n  nd
n)LE1RGHoooo
noo &    n 
o  noo %%/ oj )LE1RGH     oo
{n onn  }n ([WHQVLRQ  o
o oo  o j &23  j 23 
j ;23 oo&23 [ 
}jo23  }jo;23 [ 
}j
6WRFN %%/

7\SH 'DLO\ .&KDUW

D ate:
O p en :
H ig h :
Low:
C lo s e:

D at e:
O pen:
H ig h :
L o w:
C lo se :

1 2 /1 8 /9 5
212
21 2
2 08
21 2

1 2 /2 5 /9 5
218
222
2 18
220

%
)LE1RGH 



)LE1RGH 



&

D ate:
O p en :
H ig h :
L o w:
C lo se :

n 

--

1 2 /2 8 /9 5
214
2 14
2 10
2 14

dro

nr

;23  


23  



&23  



&


 
jnn&2323;23oonnn
  ooo n n
n n&oo*DSn
n dnn d}o nd
nnonno&23}jnn
njo23;23nn
6WRFN %%/

7\SH 'DLO\ .&KDUW

Date:
Open:
High:
Low:
Close:
Date:
Open:
High:
Low:
Close:
Date:
Open:
High:
Low:
Close:

12/18/95
212
212
208
212

12/25/95
218
222
218
220

;23 

23

&23

&

Date:
Open:
High:
Low:
Close:

n 

--

01/08/96
232
226
230
234

12/28/95
214
214
210
214




dro

nr

no *DS  dn j 23 n


  ;23 j n }n p ;23
ndodnonn}o;23
ooo;23on no
n

o o)LERQDFFL5HWUDFHPHQW([WHQVLRQ
jn onno}nnno
o} nn  }o oo
5HYHUVDO ooonoonoj
 ooo nnn n on
 oo oo
}7UHQG5HYHUVDOnon +HDGDQG6KRXOGHU'RXEOH
7ULSOH7RS}o onoooo n}
rn} oono o{  n
} 6WRS /RVV  }noo n
nonn oo
n oon nr

--


(OOLRWW:DYH7KHRU\ 51 (OOLRWW }o
o o}
r
o r o 
n}on(OOLRWWno
 ro o
o no}  o
n
(OOLRWWn DFWLRQ o
 UHDFWLRQ o
o  }
(OOLRWWond
ILERQDFFLQXPEHUV(OOLRWWn}
 n or no
 }n n
nooon
nonn*UDQG6XSHUF\FOH}
nnn6XE0LQXHWWH}n

 
n

noon (OOLRWW oo )LERQDFFL o 


o}non
 n)LERQDFFLonn}on 
nonn

--

nr



on}(OOLRWWo}o ,PSXOVH:DYH o
}n/HWWHUHG3KDVH &RUUHFWLRQ:DYH oDE
Fn1XPEHUHG3KDVH }nnn


 

on no},PSXOVH:DYH
oo          } D  E  F n
o,PSXOVH:DYH&RUUHFWLRQ:DYH}DEFn
}nnno
}n

--

nr

 
 o n n}do n
no } 
noonoon
 nnon o 
non on
 nnonn}on
}d

n
n or oo n 
 onDEF nrnn}n
rno
non} UHERXQG nono
nonnnnnn}
nnroo
 } onooon
 n on

--

nr

oo  }nnoo
non
 }noo{onon}
oo }n
onoono
o noo or   onr
 on nn}nonn"
  }  n on  n
 n  no  
 }o non
on o ono   n  o
on
 }onnononn
}nnn{o}nn
  oonnnoDnn
 oo  n no  }
}o  nn 
non
D}}EHDUPDUNHWno
n onnn  }n o
noononnnonnnooo
E}Dooon}o
no E}oo on
Dooono}oono
nonnjrn no

 F }nn  n}o
n H[FHVVVXSSO\ nnonn}n

--

nr

 ZDYHFRXQW
n onono   nnno
 oo rn oon }n
 ZDYHFRXQW o
nno
n}non
n}o}o onnn
n   n  o  n
nno nonoon
nn
n}r ZDYHFRXQW o6(7LQGH[}
 EDVLF SDWWHUQ  on   nnn o
oo}nn}6(7LQGH[
on oonno n
no nonon  n
oo

n 

--

nr

n  n }o rooo


nn}nnnn
 n     nn    n
DFnon

n 

nn} (OOLRWWoo}
n H[WHQVLRQ nn

n H[WHQVLRQ
no oo o  }n
nnno
nonoo  
  n  n}nr
oo n nnno   n
DFEHDUPDUNHWo

--

nr

 

nnnonnn n 
o nnGLDJRQDOWULDQJOH    F
n  n nno}r nn
}nQRQRYHUODS(OOLRWW

 

n o   non
 o ronIDLOXUH} UHYHUVDO SDWWHUQ
ooIDLOXUHEXOOEHDUPDUNHW

--

nr

 


nnnoon
n oo}n" ooo non }
 DJDLQVW o

 

 

o} XSWUHQG   } EXOO PDUNHW 



 o} GRZQWUHQG } EHDUPDUNHW 

ononDEFnn
}nno

nn
=LJ]DJVonoDEFn
nnonnDnEn

--

nr

Fno}ooo ZDYH}o
 ]LJ]DJVEXOOPDUNHWnEnnoD
F nn D n EHDU PDUNHW  E no D
FnD



 )ODWV r IODWV on ]LJ]DJV n IODWV } 


EXOOPDUNHWDn } n n}n
onno}Eo
noEooDnF
FnDnEHDUPDUNHWnD
Eonn oo
DnFFnD



,UUHJXODUV o} ,UUHJXODU   


  }n  n on   E  F
nnn,UUHJXODUV no}
,UUHJXODUVEXOOPDUNHWEoDF
Dno}EHDUPDUNHWEoDF
Dn ,UUHJXODUV EXOOPDUNHWEno

--

nr

DnFnDno}EHDUPDUNHWEoD
nFnD

,UUHJXODUV

,UUHJXODUV

7ULDQJOHV n}
$VFHQGLQJ7ULDQJOH  } WRSV   nn
}  o ERWWRPV  nn n nn
no



--

nr

'HVFHQGLQJ7ULDQJOH WRSV n


o ERWWRPV nn}noGHVFHQGLQJWULDQJOH
DVFHQGLQJWULDQJOH


6\PPHWULFDO7ULDQJOH  WRSV 
nnonnnno



([SDQGLQJ7ULDQJOH V\PPHWULFDOWULDQJOHoon
non



--

nr

o
'RXEOH7KUHHVo}noon [ o}

'RXEOH7KUHHV

7ULSOH7KUHHV }on[nnoGRXEOHWKUHHVoo

7ULSOH7KUHHV

--

nr

j 7LPHJRDOGD\V
 nonon JROGHQ VHFWLRQ onn n
)LERQDFFL    or  j 7LPHJRDO GD\V 
nn*ROGHQ6HFWLRQ&RPSDVVV\VWHP *6&V\VWHP non
no o
nonn}oon
7N   /L/L /L
7N   +L+L +L

/LL
/LL
+LL
+LL


/Lon+L
/Lon+L



--

nr

  o  nn 7LPH*RDO 'D\V ro 7


 /  / nn7LPHJRDOGD\
rnoj
}oo
n on oWLPHJRDOGD\Vo 6(7LQGH[
noo WLPHJRDOGD\V 6(7LQGH[ H[SHFWHG  6(7LQGH[
 /  n oon noono
 oo n noo r }n
onr

n 7LPH*RDO'D\

j SULFHREMHFWLYHV
 *ROGHQ VHFWLRQ nnn no j
 SULFH REMHFWLYHV   )LVFKHU oro (OOLRWW   
jo
j   
j   

--

nr


n SXOOEDFN  noon
n}jorojoo
no  j  
ILOWHU  on n}o n n}n
" no n ILOWHU  n PDUNHW
YRODWLOLW\

n 

--

nr

nonZDYHno JROGHQVHFWLRQjn
 on6(7LQGH[orono H[SHFWHG oo
nn }  n r no 
 }o  no nnn
oo jo JROGHQVHFWLRQnoo no
r  oo noo }oo
nr

--


*DQQ" non
n   WHFKQLFLDQV
ono
*DQQ
V
WKHRU\ r
o nnnno
no}nonon"
 *DQQ n  }o SUHGHWHUPLQHG
nnn UDQGRP  n ro }
 n n or
o
n*DQQro
o}oon
&DUGLQDOVTXDUH
n
*HRPHWULFDQJOHV

&DUGLQDO6TXDUH
&DUGLQDO 6TXDUH "  io}n"  oro"   }n
no &DUGLQDO 6TXDUH  oo 
}r o n nonno
ionnnnno
 rn   o 6(7 LQGH[ n
 o   n
oVSUHDGnnn

--

nr

1132 1131 1130 1129 1128 1127 1126 1125 1124 1123 1122 1121 1120 1119 1118 1117 1116 1115 1114
1064 1063 1062 1061 1060 1059 1058 1057 1056 1055 1054 1053 1052 1051 1050 1049 1048 1113
1065 1004 1003 1002 1001 1000 999 998 997 996 995 994 993 992 991 990 1047 1112
1066 1005 952 951 950 949 948 947 946 945 944 943 942 941 940 989 1046 1111
1067 1006 953 908 907 906 905 904 903 902 901 900 899 898 939 988 1045 1110
1068 1007 954 909 872 871 870 869 868 867 866 865 864 897 938 987 1044 1109
1069 1008 955 910 873 844 843 842 841 840 839 838 863 896 937 986 1043 1108
1070 1009 956 911 874 845 824 823 822 821 820 837 862 895 936 985 1042 1107
1071 1010 957 912 875 846 825 812 811 810 819 836 861 894 935 984 1041 1106
1072 1011 958 913 876 847 826 813 808 809 818 835 860 893 934 983 1040 1105
1073 1012 959 914 877 848 827 814 815 816 817 834 859 892 933 982 1039 1104
1074 1013 960 915 878 849 828 829 830 831 832 833 858 891 932 981 1038 1103
1075 1014 961 916 879 850 851 852 853 854 855 856 857 890 931 980 1037 1102
1076 1015 962 917 880 881 882 883 884 885 886 887 888 889 930 979 1036 1101
1077 1016 963 918 919 920 921 922 923 924 925 926 927 928 929 978 1035 1100
1078 1017 964 965 966 967 968 969 970 971 972 973 974 975 976 977 1034 1099
1079 1018 1019 1020 1021 1022 1023 1024 1025 1026 1027 1028 1029 1030 1031 1032 1033 1098
1080 1081 1082 1083 1084 1085 1086 1087 1088 1089 1090 1091 1092 1093 1094 1095 1096 1097

 

o  o   o   


  onnnn
 nn on  VL]H 

 orooo"  nn o}


onnnno
r }nnn o
6(7LQGH[EDUFKDUWn on on
6(7LQGH[$1}n o 
or
nnonnnoonoonn
oVSUHDGnonnnnonnVSUHDGo
}  o n n oo o

--

nr

onnon oo nn


no

n 

n
 } oVTXDUH
oin

 7,0(
 n *DQQn}
}nonon
 o oooo n
nooo }
no
*DQQn WRSV o ERWWRPV n
on LQWHUPHGLDWH WHUP n     onoo
oi" o  o i nonoon n

--

nr

nn nnn *DQQn}no


oo

 35,&(
nn SULFH }n
*DQQSHUFHQWDJHUHWUDFHPHQWV *DQQon
n}nnoVSHHGOLQH
o}onnnno}
o
nnSHUFHQWDJHUHWUDFHPHQWV*DQQ






















nono}n nn
 } ILERQDFFL UHWUDFHPHQW     } 'RZ WKHRU\ PLQLPXP  PD[LPXP
UHWUDFHPHQWEHQFKPDUNVn*DQQn UHDFWLRQ 
n} EDODQFLQJSRLQW
nnooUHWUDFHPHQW*DQQoon
n oVTXDUHn*DQQ
on   oo onn nn
no}nVTXDULQJnnnnn o
r oo  }oo

--

nr

nn}6(7LQGH[n$
%nn%$no
VTXDULQJnnnnno6(7LQGH[
no}o}ono
 VTXDULQJ nn  VSUHDG no  
VTXDULQJ }nonnn

n 
nVTXDULQJoo%}o ' on
on&6(7LQGH[
'}n ooVTXDULQJ&
VTXDULQJn (onoo'
o(6(7LQGH[n 6(7LQGH[{

*HRPHWULF$QJOHV
nn}nn n *DQQ
onnn

--

nr

*DQQ*HRPHWULFDQJOHV
*DQQoonooo 3  7 
*DQQ oor on rn
rn n*DQQDQJOHV
}}*DQQn3[7
} 7 [ 3 o onnnn n *HRPHWULF DQJOHV n}
n*DQQDQJOHVn 3[7 [nnnno
3[7}[nnn}o
*DQQ DQJOHV  *HRPHWULF DQJOHV "  *DQQ DQJOHV n
*HRPHWULFDQJOHVn3[7}}"3[7
nn[}oon"n}nnVFDOH
oo3[7VFDOH}[}on
non6FDOHn}[}ono
on nnoo n VFDOH o *DQQ
DQJOHV*HRPHWULFDQJOHVnn
onnn

$
%
&
'

3[7
[
[
[
[






onnnn

$
%
&
'

3;7
[
[
[
[

--






nr

non n o}o


o nn n} WRSV  o ERWWRPV  n
o *DQQ DQJOHV n }n 
o
on o o *DQQ DQJOHV o}o
oonnno[ o
 VFDOH} oo[ }nno[
o[o}oo}
n nnoo   nn oo 
}o}o
 nono*DQQno n
 oVFDOH} n}
nonnnn
n*DQQnon VFDOH} }
on XSWUHQGon
 GRZQWUHQG o  } EXOO PDUNHW  n
nno     n
noo

Gann's 50% retracement rule


 ononooonUHWUDFHPHQWo
*DQQ
VUHWUDFHPHQWUXOH
*DQQ no     n
onn n}   
noSHUFHQWDJHUHWUDFHPHQWoo
*DQQ
VUHWUDFHPHQWUXOHn"nonoo
 GHILQLWLRQV }UHWUDFHPHQWnn

--

nr

/

o3

/

o3

/

o3

3

  }oUHWUDFHPHQW
]RQHo}3"oo
EXOOXSWUHQG } EHDUGRZQWUHQG n3
o }n   onnon
ooo }3 

3

  on3on3
nonUHWUDFHPHQW]RQH

3

no3o3

5=+

n UHWUDFHPHQW]RQHKLJK o


no/o/nono/o/

5=/

n UHWUDFHPHQW]RQHORZ o


no//non/o/

6

o VWRSORVV oUHWUDFHPHQW]RQHoo


  3 n}n *DSV
o6oo

6

ooonUHWUDFHPHQW]RQHoPLQRUORZ
PLQRUKLJKon nn

0LQRUKLJK    non UHWUDFHPHQW ]RQH  o


 on }  nn non
nPLQRUKLJKo EHDUPDUNHW
0LQRUORZ ononUHWUDFHPHQW]RQHoo
onn}nnononno
nPLQRUORZo EXOOPDUNHW

--

nr

oUHWUDFHPHQW]RQH
ooUHWUDFHPHQW]RQHo333n
nono
n33o}o///non
"ooooo// $ }UHWUDFHPHQW]RQHKLJKn
o// % }UHWUDFHPHQW]RQHORZn
3o/oo6}VWRSORVVOLQHo o;
}PLQRUORZo}VWRSORVVOLQH 6 o onnonnn
}PLQRUORZ n n o nooo WUHQG
no[o}PLQRUORZ

n 
on ),1 LQGH[  onn n r o
nonUHWUDFHPHQW]RQHo *DQQ
V
UHWUDFHPHQWUXOHnoo]RQHo),1LQGH[o
o]RQH &o}oon
 n UHWUDFHPHQW ]RQH o 
 ),1 LQGH[ n 5=/    n 5=+
'}}o

--

nr

n on ),1 LQGH[ on  ooon}


nnn nnno
onon'o),1LQGH[
i  oi"  oo
 ILOWHU noo6nno
onono),1LQGH[no6 VWRSORVVOLQH 
non UHWUDFHPHQW ]RQH o    }
o),1LQGH[n o)
o o on on  &  ' oo
on*}VWRSORVVOLQHono
nnr VWUDWHJ\ n}oo&'
on nn&rno5=/
),1LQGH[ '  nnn ),1
LQGH[ninoo
nooon),1LQGH[noo6oo
on ),1LQGH[n 6nonon
no),1LQGH[nnon
n ),1LQGH[on UHWUDFHPHQW]RQH 5=+
)onnnin
n}nonr ),1 LQGH[ on  )  + ono
VWRSORVVOLQH 6 oo*n 
n}oo VWRSORVVOLQHonnoo+
o , oo"
nn),1LQGH[nVWRSORVVOLQH 6 o
-no-}nnnonn

SHUFHQWDJHUHWUDFHPHQWJHRPHWULFDQJOHOLQH
noonSHUFHQWDJHUHWUDFHPHQWJHRPHWULFDQJOHOLQHVnon
nnnooon"o
oo *DQQ oo JHRPHWULF DQJOH OLQHV  *DQQ

--

nr

DQJOHOLQHVn on n oo [ o


[ o [ nSHUFHQWDJHUHWUDFHPHQW
oJHRPHWULFDQJOHOLQHVSHUFHQWDJHUHWUDFHPHQWnorn FHQWHURIJUDYLW\ 
n
*DQQnonUHWUDFHPHQW o  
onono7&onn
n ooUHWUDFHPHQW
nroon"ono [ UHWUDFHPHQW
norn }o no 7&  $ o

 

n }non onno 
onro
 JHRPHWULFDQJOHOLQHVSHUFHQWDJHUHWUDFHPHQWor
on FRQMXQFWLRQ o
 o  }o
o on   
 on oSHUFHQWDJH

--

nr

UHWUDFHPHQW  n *DQQ n n o 
o r  RULJLQDO  on nor

noo }oro *DQQ WKHRU\  n
o onono nn o
nrodono

--


 oo
n oono
nn oonon

      o
n (OOLRWW
onjn n nn}n
7LPH)UDPH }non}o &\FOH 
ononn}
jono}o
 nnooono on

  on}
 oonoo

r 7LPH6HULHV'HFRPSRVLWLRQ
n ooonn}
nn o}n
o 7UHQG o
  6HDVRQDOLW\ }ne   e
n on n  non 
no}o

--

nr

  &\FOH }nr


nooo}o
 n  ,UUHJXODULW\ rnon
n onn}  no non   n oo
n on}}
o}
oe  onnon}n
n

r &\FOH&RPSRQHQWV
oo ron
oooo on
oo non 
 3HULRGDQG)UHTXHQF\ }oon
noonn
 SHULRG  }oonon n IUHTXHQF\
}oon  n r
n 3HULRG  )UHTXHQF\ nn r  n }  o
nnr }onn
ojono
  $PSOLWXGH }oonnn}
nnon
 3KDVH oono no n}
o  n   nn
 nnn "   
nn}nnno

-156-

nr

nn on   W n" o n }


 W  no on
o non n
 Wo Wonnn
nnono"
 noo }onn n
nSKDVH}nn"
n o   oon o
oo W nWnSKDVH oSKDVHn  o
ono
oononn W noW
nWW onWnWn n
nnn
 }o  } SKDVH
DQJOH   o n SKDVH DQJOH n  n SKDVH
DQJOHnn}}
on
 }no r r   n
 rr n}    
nnoo  onoo 
  o  n }
SKDVHDQJOHn

 

-157-

nr

ooonno
DPSOLWXGHo
SHULRGooSHULRGoIUHTXHQF\SKDVH}
oSKDVHDQJOHo}o
nooSKDVHDQJOHnDPSOLWXGH
noSKDVHDQJOHnno
&WnSKDVHDQJOH nDo $%
$& jnn n W SKDVHDQJOHn
o$%$'nWo
SKDVHDQJOHn}onSKDVHDQJOH}
no

 onnn} +HDG DQG 6KRXOGHUV 'RXEOH 7RSV )ODJ


3HQQDQW7ULDQJOHon(OOLRW:DYHono
nn
3ULQFLSOHRI3URSRUWLRQDOLW\nn
n  o nnon}
 non}  }
 nnno non nnon
nnoon IORRUFHLOLQJn
oIORRUVFHLOLQJV n SHULRG
DPSOLWXGHnn
 3ULQFLSOH RI 6XSHUSRVLWLRQ } n
noo}o n}n}
nn}oo  o
oo nn o}n
o
 no  n ono n
on n

-158-

nr

n n on n 
o oo OHIW WUDQVODWLRQ  o ULJKW
WUDQVODWLRQ nn nn }
  noooo
} }}nn
o  SKDVH n  onn  n
oo nn
o

 
  nnoo 
   n }n  o
}  n  nn    
  SKDVHn 

 3ULQFLSOH RI 5HVRQDQFH o n}dr nn
  op oon n
nonoopoino noo
ooonoo nnno
oo oop n
noooooo}}UHVRQDQFH
nVWDQGLQJZDYH

-159-

nr

n ooo o  nn
o  VWDQGLQJ ZDYH }o }o
oo} ERXQGDU\FRQGLWLRQ 
o

6WDQGLQJ:DYHRI
/RZHU)UHTXHQF\
(QYHORSH

D

 DonVWDQGLQJZDYHoon
no VWDQGLQJ ZDYH no VWDQGLQJ ZDYH n
n no o ERXQGDU\ FRQGLWLRQ no o
VWDQGLQJ ZDYH  n VWDQGLQJ ZDYH  VWDQGLQJ ZDYH
PRGXODWH oo E
nPRGXODWHGVWDQGLQJZDYH

/RZHU)UHTXHQF\
6WDQGLQJ:DYH
0RGXODWLRQ
E
}oonn
noon
 3ULQFLSOH RI 6\QFKURQLFLW\ n nr n 
onnV\QFKURQLFLW\onnj

-160-

nr

 onr n  e }
ro nonoo n o
o oo onnon
no non6(7LQGH[r r
o 6\QFKURQLFLW\oo nn}o}
n   ono V\QFKURQL]H  n
nn}oo
3ULQFLSOHRI+DUPRQLFLW\nnrnSHULRGF\FOHVo}
rnn}rnF\FOHSHULRGoF\FOH
 SHULRG}o rnoro
nnoononoo
n}n }n}
n}o  oon
}nn


oo n}}
} -RKQ (KOHU n noo }
nnnooooo
+HDGDQG6KRXOGHUVoo DE
 nn  }oo
WUHQG oo E} E 
 E }n}n
oooro
}+HDGDQG6KRXOGHUV QHFNOLQH} SRVLWLYHVORSHQHFNOLQH o
ooKHDGDQGVKRXOGHUVQHFNOLQH
'RXEOH7RSnnVKLIW oVKLIWn
oo    nnn  oo  } 
Eoo  o    oGRXEOHWRSoo
F

-161-

nr

D
+HDGDQG6KRXOGHUV

E
} rn
o



3KDVH 'LIIHUHQFH


F
'RXEOH7RSV

 )RUPno+HDGDQG6KRXOGHU'RXEOH7RS

FRQWLQXRXVSDWWHUQnIODJSHQQDQWWULDQJOHo
PRGXODWHGVWDQGLQJZDYH        o
  PRGXODWHG VWDQGLQJ ZDYH o  FRQWLQXRXV SDWWHUQ r n
FRQVROLGDWHonorno

-162-

nr

0RGXODWHG6WDQGLQJ:DYH

/RZHU)UHTXHQF\&\FOH

)UHTXHQF\0RGXODWHG6WDQGLQJ:DYH

 
nonPRGXODWHGVWDQGLQJZDYHo
no  o
FRQVROLGDWLRQ

0RGXODWHG6WDQGLQJ:DYH

/RZ)UHTXHQF\&\FOH

)UHTXHQF\0RGXODWHG6WDQGLQJ:DYH

 
 on SDWWHUQV n onn } oon
}oonnFRQVROLGDWHon

-163-

nr

(OOLRWW:DYH(OOLRWWo}-RKQ(KOHU
n(OOLRWWoVLQHZDYH }QHJDWLYHVLQHZDYH
}n}n }SRVLWLYHVLQHZDYHn
}no

 
n-RKQ(KOHUn}(OOLRWWonn
nonooonnoo
oo 
ooo(OOLRWW    DF knn
onno


no}o
 o  } nn}o n r
nnonnn }ono}VLQHFRVLQHZDYHVn
n }okon }o}
on no}nnono
nooon onno

-164-

nr
(OOLRWWo

oo


D






}(OOLRWW
 
n oo n %R[-HQNLQV 6SHFWUDO $QDO\VLV
&\FOLFDO5HJUHVVLRQ0D[LPXP(QWURS\6SHFWUDO$QDO\VLV)RXULHU7UDQVIRUP.DOPDQ)LOWHU
n nn nn no
r o'LJLWDO6LJQDO3URFHVVLQJnnn
oo
onnnn
nnoo oonn  o
ro nno }o
onnoron
}n}o
nonoo
ronnonnro
n}r

-165-

nr

n on}oonoon
n ooo o nn
no nn

nn
o }n -DFRE %HUQVWHLQ o %HUQVWHLQ no
}onno
n}okonnno
n
n}onono
 n}on n nnono ko
nnoon o o }n
o
nno onn
 o on or
no onrn n ooonn
noonon
 onn}ok nno
nno
ooo n
 o}no    o
ononono
no
n oono    }r 6(7 LQGH[
en nonnn6(7 LQGH[ nn
o n oonoo
GHWUHQGono UHJUHVVLRQWUHQGo

-166-

nr

on PRYLQJDYHUDJHooono
nnnonoGHWUHQGo

 
onn  6(7 LQGH[   o
$*nno$n$$nn
n}VSLNHno n
j}n}
 n        r
nr r nn
r nnn
n  rnn  n o
 $&(* nonn %') 
onn
 onon n noon
n    r noon
oon

-167-

nr

rnng~ nno FKDUW  


n onn oo 6WDQ (UOLFK
n(UOLFKF\FOHILQGHU}r no oo
n o o  nr  n (UOLFK &\FOH )LQGHU
ooFKDUWnnonnn
nn
n{nooon nornn
no(UOLFKF\FOHILQGHUno0HWD6WRFN}
o  0HWD6WRFN  F\FOH ILQGHU o i 3
SRLQWHUoi&F\FOHILQGHUnonn
oron
0HWD6WRFNo}nnr oion
o ono ooo  oi
onrn6(7LQGH[o

r

r

r

r

)
%
'

&

*
n
}o
n



onn
n oo  r nn o
rn  ooo

-168-

nr

 0HWD6WRFN on onnon noono


)RXULHUWUDQVIRUPn YHUVLRQ}o nLQGLFDWRU )RXULHU
WUDQVIRUP  0HWD6WRFN  SUHGRPLQDQW F\FOHV  oon
0HWD6WRFNrrro














r

r











r 


 3RZHU


0HWD6WRFNnnn }o
n     SHULRG   n
SRZHU  rnn DPSOLWXGH   n o DPSOLWXGH
 nn SRZHU
onr 0HWD6WRFNo SRZHUrnn
nnno}SRZHUn SRZHUo 
nr  SRZHUnno on
on   rn  o   r 0HWD6WRFN o
nno GHWUHQG o nooonn nooo
nononnon}n
   r oo  r   ono
onnnor ooo
n

-169-

nr

  roo F\FOLFDO UHJUHVVLRQ } o


 ononon

o r
nonno n no
oonn n nno no
}koonoo
o}nno nn
nn o ro noo
r nnonn rn56,o o
nnnonn



-170-

nr

  oo on
ononoo
o ooon ooj o
o  nnn  n
o nnno n DPSOLWXGH 
nnonnnnF\FOHnWUHQG
LQGLFDWRUVnWUHQGIROORZLQJV\VWHPnonnWUHQGn
F\FOH } WUHQG o oon  WUHQG IROORZLQJ V\VWHP o
noooWUHQGnF\FOHo
roo o
 noro  ono
oonn

n
oon no o n 0RYLQJ $YHUDJH
} QRLVH  o o  n 0RYLQJ $YHUDJH
}/RZ3DVV)LOWHUn}/RZ3DVV)LOWHUnoon n
non}
n nn oo  n}o 
 nn  nn
neo
n0RYLQJ$YHUDJHnnn
nnon 0RYLQJ$YHUDJHno
n}n/RZ3DVV)LOWHU
onn0RYLQJ$YHUDJHnoonno
nnonno
nonno
 noonnoo
noooon3KDVH noon
 oono
n n}n PXOWLSOH  n nn on

-171-

nr

 oo
on
  PRYLQJ DYHUDJH  ooo noono
oo0RYLQJ$YHUDJHn
 o qq o ooo
nonnon
nooooGD\0RYLQJ
$YHUDJHo 0RYLQJ$YHUDJHnn
on
nn 0RYLQJ $YHUDJH n no }
  o n   on
 nn n}
 $$
 nn}
 %%
 onon
oononoo










%
n

on



r onn 0RYLQJ $YHUDJH   3KDVH/DJ n 


nnPRYLQJDYHUDJHo} 3KDVH$QJOH
n ooiSKDVHDQJOH

-172-

nr

}onoono 
ooo}   n  
n n0$+DOIon n
 nn 0$)XOO  oo  no
nnoo noo
n nnon
oo0$+DOI0$)XOOoon}o0$+DOI0$
)XOOono}noo'RXEOH0RYLQJ
$YHUDJHn

0RPHQWXP
ooon
nooo0RPHQWXP}oo
noononQGD\0RPHQWXPo Q
n oo n o 0RPHQWXP }n
 on oon
o
n 0RPHQWXP    n
n}SKDVHOHDGn o 
n n  o oo  
o'D\0RPHQWXP}}
oo o 'D\ 0RPHQWXP }  } n}
onnnno{n
 nn oo 0RPHQWXP  n SKDVH OHDG
0RPHQWXP0RPHQWXPno0RPHQWXP
n} SKDVH OHDG n nnnonn
0RPHQWXPnnnonooo
 0RPHQWXP n n n 
0RPHQWXP Q   1GD\ PRYLQJ DYHUDJH  0RPHQWXP   n
0RPHQWXP1GD\0RYLQJ$YHUDJH{o}no}n

-173-

nr












'D\
0RPHQWXP


nnnDEFG0RPHQWXPn
GD\0RPHQWXP GD
oGD\PRYLQJDYHUDJHPRPHQWXPn
'D\0$RI'D\0RPHQWXP




> ED  FE  GF @


GD 




> EFG  DEF @


GD 

GD\PRPHQWXPGD\3ULFH0$
'D\0RPHQWXPRI'D\0$

onnn VFDOLQJ  QGD\ PRPHQWXP n} Q n Q


GD\PRYLQJDYHUDJHRIGD\PRPHQWXPno
oonGD\PRPHQWXPSKDVHOHDGn oi o
GD\PRPHQWXPPRYLQJDYHUDJHn}SKDVHODJ
oonQGD\PRYLQJDYHUDJHRIGD\PRPHQWXP
n nLQSKDVH

-174-

nr

nrnQGD\PRYLQJDYHUDJHGD\PRPHQWXP
 QGD\ PRPHQWXP  on PRPHQWXP n n}
OHDGLQJ LQGLFDWRU n oono o OHDGLQJ LQGLFDWRU o
ODJJLQJLQGLFDWRUnr
 o 0RPHQWXP oon onn
0RPHQWXP n noo    on
0RPHQWXP n n no
n
nn on  n ono
nonn n nnn 1GD\ PRYLQJ DYHUDJH  GD\
PRPHQWXP1GD\PRPHQWXPoonoo
ooo  0RPHQWXPon
nnonn  onn o
nnonnooono
}OHDGLQJLQGLFDWRUnnoo

5HODWLYH6WUHQJWK,QGH[ 56,
n56,>8 8' @ 8'nnn
dnnnnndnno
n  :LOGHU o   noon 
oo
oon8'}0RPHQWXPnn
d oSHULRGPRPHQWXPo0RPHQWXPn
SHULRGPRPHQWXP}SKDVHOHDGn oio0RYLQJ$YHUDJHo
n6LPSOH0RYLQJ$YHUDJHn}SKDVHODJn 56,
nnnOHDGnODJnpn
nno :LOGHU nn 6LPSOH0RYLQJ$YHUDJH
onnoon8'56,

-175-

nr

}([SRQHQWLDO0RYLQJ$YHUDJHon6LPSOH0RYLQJ$YHUDJH on
o([SRQHQWLDO0RYLQJ$YHUDJHn6PRRWKLQJ&RQVWDQW
 oo 0RYLQJ $YHUDJH   } ([SRQHQWLDO
0RYLQJ$YHUDJH}SKDVHODJn56,}OHDGLQJ
LQGLFDWRUnooo56,n}
nGLYHUJHQFHn56,o
non on oonnn nn oo
n0RYLQJ$YHUDJH}SKDVHODJnnSKDVHOHDG
SHULRGPRPHQWXPoo 56,}OHDGLQJLQGLFDWRU}SKDVHOHDG

 o o 56, o GLYHUJHQFH  nnn 56, noo
GLYHUJHQFHn56,o 2YHUERXJKW2YHUVROG
  GLYHUJHQFH }no no}o
nio oo 2YHUERXJKW2YHUVROG oo n 56, o
ono2YHUERXJKW2YHUVROGnnn
o56,onn56,nnn56,no8 
no56,ono56, o' 
onno}nno
ooon56,n56,n no
nnoo56,n
noo56,onnnn 56, n
56,nonnon56,n
n56,n noo
 56, o on n  2YHUERXJKW o
2YHUVROGonn oGLYHUJHQFHno
n
 oo 56,  n  o 56,
onoGLYHUJHQFHo
o 2YHUERXJKW2YHUVROG oo o  56, n
n2YHUERXJKW2YHUVROGnk

-176-

nr

nn}oo56,n
on56,n}nrnnn
56,nonnno
n]RQHV}o
on 56,  onnoo n o
56,o o 56,onnn2YHUERXJKW2YHUVROG]RQHV
oono56,oo56,
onono
56,oon56,n

6WRFKDVWLF
o 56,  }  n
6WRFKDVWLF }no no
VLGHZD\  o} } nn
oo } 0D[LPXP
(QWURS\6SHFWUDO$QDO\VLVnnnnoo
or
6WRFKDVWLFnn &/L  +L/L nd nn
&/L nnL +L/L n6WRFKDVWLFnn d
Ln  d L n  *HRUJH /DQH 
6WRFKDVWLF
n n +L  /L d L  n o oo
6WRFKDVWLFn6WRFKDVWLFn 
n  n6WRFKDVWLF 
nn n PDNHDORZHUORZ nn 
6WRFKDVWLFo6WRFKDVWLF
6WRFKDVWLFn
n}no+L/LdLn
n   n  6WRFKDVWLF  non

-177-

nr

o nn nonn
 ooon 6WRFKDVWLF o n  o

o  2YHUERXJKW2YHUVROG orn
n-RKQ(KOHUVoo6WRFKDVWLFnn
nn2YHUERXJKW2YHUVROG]RQH o56, n
6WRFKDVWLFnoVLGHZD\o
o  (KOHUV 
nnn
n no on  o
o6WRFKDVWLFnn6WRFKDVWLFn
o 6WRFKDVWLFooon
on o ono  o
oo o o no no
onon

-178-


}
r n i 
-DSDQHVH &DQGOHVWLFN &KDUWLQJ  }
r o
i nn
n ioor  } no
nn}ooo o nnn
oonnorno
nonenn}or
0XQHKLVD+RPPD}fn}nn{}}
{nn{n+RPPDr
0XQHKLVD+RPPD}onnoo
nooonon
o}} nooe oor
o no} o
n n nrn6DNDWD+HQVR6RED6DQL1R
'HQ}}&DQGOHVWLFN&KDUWLQJn
 on no }
oooo

n
ri%DU&KDUW
on on%DUon
do}ndo}no

--

rno

nr
+ L J K

+ L J K
8 S S H U

6 K D G R Z

& O R V H

2 S H Q

& O R V H

2 S H Q
/ R Z H U

6 K D G R Z
/ R Z

/ R Z
:KLWH &DQGOH
&ORVH ! 2SHQ

%ODFN &DQGOH
2SHQ ! &ORVH

 

nonn}n%DUn}n

 n 5HDO %RG\  }nnndd d n
d nn  }n n o n
}n }   }}  ndn
d nnnnn non or
 no 6KDGRZ  }onoon o
n onn 8SSHU 6KDGRZ nnn /RZHU
6KDGRZ
nn onon %DU &KDUW on
onondnnnn%DU&KDUWond}n
noonooo
r n n 5HDO %RG\  
no 6KDGRZ   n    n
 nn n}d    d n n
no 
nondd 
nnon  ([WUHPHFDVHV } 

--

rno

nr

on nn ndd dd  n %R]X


n}o ddn n'RMLn
   o n n nn  
  on  }non


 %RVX
%RVX  ndd nonon nn
n}n 6KDYHQ+HDG&ORVLQJ%R]X  6KDYHQ%RWWRP
2SHQ%R]X ddddonnon
 %R]X
dnd n d}}6KDYHQ%RWWRP
 n %XOOLVK %HOW +ROG /LQH ono n} %XOOLVK
nodnddn%HDULVK%HOW+ROG/LQHo
}%HDULVK

'RML q n
ddn o n}o 
n'RML'RMLnn'RMLnno
nno ndonpo
kodn}o
nononnnonnnno
oono on nn
}onooo
'RMLnnn'RML
'RML o %R]X no 'RML } 7 ndond
dn'UDJRQIO\'RML }7 n*UDYHVWRQH'RML 

--

rno

nr

}oo  nn
n)RXU3ULFH'RML

Four-Price
Doji

Dragonfly
Doji
Gravestone
Doji
Long-Legged
Doji

 

n ononoo n
n nn   oo n
}  5HYHUVDO 3DWWHUQV    n
&RQWLQXRXV3DWWHUQV 

--


 5HYHUVDO 3DWWHUQ 
n oon
r 
n n o n n n 
o  n n rn
 nnn   non
r}nn on
nnnono

 (QJXOILQJ3DWWHUQ
}  (QJXOILQJ 3DWWHUQ }n
o 5HYHUVDO3DWWHUQ n}

B earish E n gulfin g

B ullish E ng ulfin g

 (QJXOILQJ3DWWHUQV
 %HDULVK (QJXOILQJ 3DWWHUQ }n }o} oo
%XOO0DUNHWn }%HDUPDUNHW n
ndnd  on }nnnn  n
dn

--

nr

rn

%XOOLVK(QJXOILQJ3DWWHUQonono
nn nddno }n %HDU
0DUNHW}no}%XOO0DUNHWo
n nn 5HDO%RG\ nno 6KDGRZ n
 onn nn on oo n}
(QJXOILQJ3DWWHUQ
 (QJXOILQJ 3DWWHUQ  n oronn o
noo}oo no}o n
o n o} %HDULVK(QJXOILQJoo%XOO0DUNHWo
nnno}%XOOLVK(QJXOILQJoo%HDU0DUNHWonn
(QJXOI onnpq }'RMLo nd
oo n }on n
 nnonn n noon
onnnoo
on}ononoonn
o}n d ono o
oo9ROXPH}oo9ROXPH
n n o
on }n oono
o}oon
&XW/RVV nn

jno 'DUN&ORXG&RYHUDQG3LHUFLQJ/LQH
'DUN&ORXG&RYHU3LHUFLQJ/LQH{ononnn
nn'DUN&ORXG&RYHU}5HYHUVDO%XOO}%HDU 7RS5HYHUVDO n 3LHUFLQJ/LQH}
5HYHUVDO%HDU}%XOO %RWWRP5HYHUVDO 
 o (QJXOILQJ3DWWHUQV non
onooonn(QJXOILQJ3DWWHUQVn
nd dn ndonn o
nn nodn  'DUN
&ORXG &RYHU  dn  3LHUFLQJ /LQH  no
on(QJXOILQJnn

--

nr

rn

D ark C loud C over

Piercing L ine

 
ndnn } 5HYHUVDO 3DWWHUQ nn
on (QJXOILQJ3DWWHUQV onn
}5HYHUVDO3DWWHUQoo(QJXOILQJ3DWWHUQ
'DUN&ORXG&RYHU3LHUFLQJ/LQHVonn}no
no n6KDYHQ+HDG6KDYHQ%RWWRP%R]Xnddnd
d'DUN&ORXG&RYHUddndd
3LHUFLQJ/LQH
noo 9ROXPHon
nnon&XWn
oondnnon
n nod(QJXOILQJ3DWWHUQno ornnn
oononnnno
n o'DUN&ORXG&RYHUnoonn3LHUFLQJ/LQHV
 noo nodon odn } 3DWWHUQ  n o
n  dn o  onnnn 7KUXVWLQJ /LQH }
&RQWLQXRXVSDWWHUQnn5HYHUVDO3DWWHUQ3LHUFLQJ/LQH

nn 8PEUHOOD/LQHV
nn 8PEUHOOD/LQHV inno 5HDO%RG\
noo 8SSHU6KDGRZ  on n noon /RZHU6KDGRZ 
oononnnnn
}onnnoo

--

rn

nr
nnno}

o +DPPHU }5HYHUVDO'RZQWUHQGoonnn


}%HDU0DUNHW}o o nnn
no oi on  no
+DPPHU 8S  do onnnn  o
n  oon n on  no
nn don onn
}o no}nnnoodo
ndo

H am m er

H anging M an

8PEUHOOD/LQHV
  +DQJLQJ 0DQ  {on }oo }
 5HYHUVDO  8SWUHQG n on onnn oon
}o }o 
o}oooonnn}
 +DQJLQJ0DQ  n5HYHUVDOono
+DPPHU nnoo
 nin oi
inn
o}n }nn n n 
nnonno+DQJLQJ0DQ
nooo o nnon
in n ono nn nnnn
nn *DS n}onn+DQJLQJ0DQn}5HYHUVDO

--

nr

rn

r
0RUQLQJ6WDUDQG(YHQLQJ6WDU
r 0RUQLQJ6WDU rnnoon}no
oo  }n } %HDU 0DUNHW n
}%XOO0DUNHWoonn}n}
 nn nonn *DS  n}o o
nn 0LG3RLQW nnn
n*DSnononnn n
 0RUQLQJ 6WDU } %RWWRP 5HYHUVDO ,QGLFDWRU o   }n n
o%HDULVKn oo noo
no*DSnddnn on
  noono nn n}
'RML dnd  on ono nn
no}nonn

E vening Star

M orn ing Star

 
 }nononoonn
n o *DS }n oo nn %UHDNDZD\
*DS oo   *DS } 5HVLVWDQFH 
}6XSSRUWn*DSdo}n
nnono
on}n}n }
d*DS }nonono
o

--

nr

rn

n (YHQLQJ 6WDU  r  r


 nn on  nn
ojn}7RS5HYHUVDO}no
}o n}ono
non }nn oon
oo}oon(YHQLQJ6WDU0RUQLQJ
6WDUnn}o
on 0RUQLQJ  (YHQLQJ 6WDUV  or n
,VODQGn,VODQG on
onnn0RUQLQJ(YHQLQJ6WDUVo*DSdd}n,VODQGo*DS
 }no,VODQG7RS,VODQG%RWWRPon} 6SHFLDO
&DVHV 0RUQLQJ(YHQLQJ6WDUV

D oji evenin g Star

D oji m ornin g Star

T ri S tars

 
0RUQLQJ(YHQLQJ6WDUV n}'RMLn
p oon ddn n 'RML 6WDU
 o}0RUQLQJ6WDUn0RUQLQJ'RML6WDU(YHQLQJ6WDUn(YHQLQJ'RML6WDU
on}'RMLnr0RUQLQJ(YHQLQJ6WDUn
n7UL6WDU}0DMRU5HYHUVDO3DWWHUQ
onnn 'RMLnonn n0RUQLQJ6WDU
} n}  n io oo o}
nonnn}nnnoo
nn
o  *DSnnnn
 nnonn onnn *DS n

--

nr

rn

nn } 3DWWHUQ n 7DVXNL *DSV }n &RQWLQXRXV


3DWWHUQ o

o 6KRRWLQJ6WDUDQG,QYHUWHG+DPPHU
    inn 8PEUHOOD /LQH  o ni n
noon o nooononn o
 n   
o %XOOLVK7UHQG }no
 6KRRWLQJ 6WDU  odo n n
   n oono
nnod onn
on ono onn oo
o n  on
ooonn  6KRRWLQJ 6WDU
oon
nno %HDULVK7UHQG n n6KRRWLQJ6WDU
no  ,QYHUWHG +DPPHU      o i ,QYHUWHG
+DPPHU}noooo}o

Sho otin g Stars

Inverted H am m er

 
n ,QYHUWHG+DPPHUnn6KRRWLQJ6WDUo
,QYHUWHG+DPPHUnodonnd
o  oon onn on
n n} onno n
 oo non n
onnon}nonoo 0RRG no

--

nr

rn

,QYHUWHG+DPPHUonnonooo
ononn o
n  nno non  nnno
,QYHUWHG +DPPHU no nin nnnn
non

o +DUDPL/LQHV
nnoo n}rn o +DUDPL
o (QJXOILQJ 3DWWHUQV n (QJXOILQJ 3DWWHUQ onno n
dn n o n +DUDPL on
ndnnoo nnn}ooo n n
nnon

B earish
H aram i
L ine

B ullish
H aram i
L ine

B earish
H aram i
C ross

B ullish
H aram i
C ross

 
n +DUDPL i n r  o n  
n} ooon+DUDPL}
nono 7UHQG6WDOOV o
o+DUDPL }n on }
n on o   on
o oon
n}n oo nn }
nno o n
nnddonnnooon

--

nr

rn

non}'RMLoorn
nnon}'RMLon}7UHQG5HYHUVDOo n'RML
nq n+DUDPL&URVV

7ZHH]HU7RSDQG7ZHH]HU%RWWRP
7ZHH]HUonn7ZHH]HUn
noo'RXEOH7RSV'RXEOH%RWWRPV
 nn non 'RXEOH 7RSV  %RWWRPV no }
noo noo  'RZQWUHQG 7ZHH]HU%RWWRP
n}no}o
no7ZHH]HUo}nnonn
on7ZHH]HUo7UHQG5HYHUVDO
 n7ZHH]HUro
rn7UHQG5HYHUVDO}onnno

T w eezer B ottom

T w eezer T op



oo &RXQWHUDWWDFN/LQHV
on}o }5HYHUVDOSDWWHUQ &RXQWHUDWWDFN onn
o3LHUFLQJ/LQHV'DUN&ORXG&RYHU oi n%XOOLVK&RXQWHUDWWDFN
o} GRZQWUHQG nn} nn} dn
d%HDULVK&RXQWHUDWWDFNonon
on} FRXQWHUDWWDFN  nn %XOOLVK &RXQWHUDWWDFN n
n n}nn dnd
 n ddn} ndond

--

nr

rn

 nond n o o
dnddnd

B earish C oun terattack


L in e

B u llish C ou nterattack
L ine

 
&RXQWHUDWWDFN}UHYHUVDOSDWWHUQnn3LHUFLQJ/LQHV'DUN&ORXG&RYHU
3LHUFLQJ/LQHV'DUN&ORXG&RYHUddo n
non
&RXQWHUDWWDFNqon FRXQWHUDWWDFN 
 nd ono non

 7RZHU7RSDQG7RZHU%RWWRP
on7RZHU7RSnnXSWUHQGnno
 nnon nnn on n
n } nnon}
noon7RZHU%RWWRPo}onnon
onnnon}non

T ow er B ottom

T ow er T op



--

nr

rn

 7ZR&URZV

T w o C row s

o (YHQLQJ 6WDUV  n}no


  nd nno n
} dndo*DS
nnnnn}
} }no }o
}5HYHUVDO3DWWHUQ 



 r dond
dnd}on
o %XOOLVK7UHQG nnnonrnn
 o *DSnnnono
n8SVLGH*DS7ZR&URZV

 7KUHH%ODFN&URZV
}n  n} nnnn nn
n noo}oo nno}
on
dnnddnnondn 
nnddnn
dnnnno
T hree C row s



nnnnnn

 n7KUHH:LQJHG&URZVenino
e  o   } }%HDULVK

--

nr

rn

7UHQG5HYHUVDO
 }nn n nn
no n o nno o
}'RML n n+LJK:DYHV}5HYHUVDO3DWWHUQ
non on}'RML o
no nnon oon
oo
 oonnoooon
nn }noon  
rnnoon
:HVWHUQ3DWWHUQ
7ULSOH7RS
7ULSOH%RWWRP
+HDGDQG6KRXOGHUV
5RXQGLQJ7RS
5RXQGLQJ%RWWRP

&DQGOHVWLFN3DWWHUQ
7KUHH0RXQWDLQ7RS
7KUHH5LYHU%RWWRP
7KUHH%XGGKD
'XPSOLQJ7RS
)U\3DQ%RWWRP

}oo  ri


onron o

--


n or
n nno *DS
nonon *DS
nn *DS on
 on on :LQGRZ  
oon *DS nd nn o %UHDNDZD\ *DS
o  *DS o} 6XSSRUW  }n
n d *DS*DS}6XSSRUW n}5HVLVWDQFH
ononnd*DSndon
}nrnin oon no
 on rn n on  *DS  } &RQWLQXRXV
3DWWHUQ orn nnn rn
*DS}UHYHUVDOon([KDXVWLRQ*DS}o
*DSo}n*DS}
onoooooo

on 7DVXNL*DS
 oo}8SWUHQGn
n8SZDUG*DSSLQJ7DVXNLn}ndn
d no *DS n onn}d
ndnnnnd*DSooo
on
'RZQZDUG7DVXNL*DSnno
n n} no*DSnn}nn
d*DSo
7DVXNL*DS}nooon 7UHQG&RQWLQXDWLRQ }no
nonnononno

--

n r

n rn

U psid e T asu ki G ap

D ow nsid e T asu k i G ap

 
n7DVXNL*DS no*DS n }
n nno nnd *DS o 
on no nonnd*DSn n
n*DS}6XSSRUW5HVLVWDQFH

+LJK3ULFHDQG/RZ3ULFH*DSSLQJ3OD\V
 o nni
nr nnn'RMLo nonn6WDU
}5HYHUVDO3DWWHUQ nonoo*DS
o n nno o
n o *DS n } &RQWLQXRXV 3DWWHUQ nono
oon nooo nn o
n}n*DSn +LJK3ULFH*DSSLQJ3OD\

L ow -Price G apping Play

H igh-Price G apping Play

 
oo}no*DSnn
nnnononnn

--

n r

n rn

Gapping Side-By-Side White Lines


}nn    no *DS o }o
oo on n}no
nno n}  ndon ononn
o

G a pp in g Sid e-b y -S ide W hite L ines


in an U ptren d

 

G ap p in g S id e-b y -Sid e W h ite L ines


in a D ow n trend

onn nnon n} &RQWLQXRXV 3DWWHUQ  n


nnnoonn}n
nn

 5LVLQJ7KUHHDQG)DOOLQJ7KUHH
n5LVLQJ7KUHHnoonn non
} n} n d
nd  }n   no nnn UDQJH 
n oo  on n
o nono 

F allin g T hree

R ising T h ree

 

--

n r

n rn

5LVLQJ7KUHHn}o+DUDPL3DWWHUQ oi nn+DUDPL 3DWWHUQ 


n no n  n  o o 
n5LVLQJ7KUHHUDQJH oo n+DUDPLn
 n o
o nn onio on}
non  nno 
ondono}n
 )DOOLQJ 7KUHH o o   oono
i

ojo 7KUHH$GYDQFLQJ:KLWH6ROGLHUV
} &RQWLQXRXV 3DWWHUQ  8SWUHQG   ondnnno
nnnnnnno 

T hree A dvancin g
W hite Soldiers



A dv an ce B lock

 

Stalled P attern

on}noo}n oo
7KUHH $GYDQFLQJ :KLWH 6ROGLHUV n}nnn
}nnno o o
7KUHH$GYDQFLQJ:KLWH6ROGLHUVnno
 $GYDQFH%ORFN }nnXSWUHQGd
n nnnnnno nnn
no   no n
n on nn} &RQWLQXRXV 3DWWHUQ
 6XUSULVH on nnnon
oo
 6WDOOHG3DWWHUQ on}nnn
 nnpq  }'RML n
onoonqoonon
i

 

--

n r

n rn

on 6HSDUDWLQJ/LQHV
 &RXQWHUDWWDFN 3DWWHUQ oo dnn n
 } 5HYHUVDO 3DWWHUQ onn 6HSDUDWLQJ /LQHV }d
nnn}&RQWLQXRXV3DWWHUQ
%XOOLVK6HSDUDWLQJ/LQH }onno
ono nnnoo nodd
dn no nio oo
 noonno ndo
n%HOW+ROG/LQHo}6KDYHQ%RWWRPoq

 
%HDULVK 6HSDUDWLQJ /LQH o }o no
ddnd}nonnno

--

n r

n rn

This page is intentionally left blank

--


nnoo on}
no
r nn}
 oo  n
LQGLFDWRUV   n n orn no}o
n on o
o o}
}nr oonn
nnr non  o
oo n}o nn }on no
onnononoon
onnoonon n
"
o  r  {or  o}n
 n oooono n
rnnonor
 oo}nr  o ),1  ononn
 on noonor on
nroo
n nonn}ooo oo ro
 nonrnnomnor
non nonnnon o
n nojnoonon
on r}  n}oo nn
oor}n
onno

--

nr

r

 
onr  }o"
oono
nnonno n  oo  n ),1 o
n on   n n}o
o),1onnnn}VHOOVLJQDO

n ono ),1 nono oon}


 VXSSRUW  oor SRUWIROLR o no
oo"
on oo  non
  } nno no
nnooo
nnnononn"
o o LQGLFDWRUV  nn r
oon"

--

nr

r

 }o 56, 56,onoono}56,


no 56, oonn  } LQGLFDWRU  onr
nonon  56,  nonn oon
o  jonSDUDOOHOOLQHn
56,o}onn"nnn

 
"nnnonon56,
o}on nn on
n    56, {o o  
+RUL]RQWDO 7RS  n RYHUERXJKW  o nn
oo  o}oo  o
j
onj nooonon }
o nnono o 56,  n VHOO
VLJQDO  n 56, n   oninnn
non 56,no}
 56, no  o on
nnnnono r  
}nonjn

--

nr

r


 
r   o . ' 6WRFKDVWLF no} VKRUW WHUP LQGLFDWRU n
 nnon.SHULRGV'SHULRGV
o}nRSWLPDO  on.'6WRFKDVWLFonn
.n'nnononn.n
o .no on
nr  n} n
oonron
nn}n"

 

--

nr

r

 on}0$&'LQGLFDWRUoo}oo
 on 0$&' n nn
 on   o KROG on
LQGLFDWRU n GLUHFWLRQDO PRYHPHQW    SOXV  PLQXV
GLUHFWLRQDOPRYHPHQW

 

onn VHOO VLJQDO  n SOXV GLUHFWLRQDO PRYHPHQW ';  nn


PLQXVGLUHFWLRQDOPRYHPHQW '; nn}nSOXVVORSH}o
o  PLQXV  VOSRH }oo n GLYHUJH   n
DYHUDJHGLUHFWLRQDOPRYHPHQW $'; onnnnnWUHQGno$';
on}+RUL]RQWDO7RSo  ono
oo
o ono  o
 ni
oi"

--

nr

r

 

onnnonon}on"on
oonnVHOOVLJQDOo"no
n" onooonon noon
no n ononnoor
n n}ono no ono
o o
onooo
n  o  orni}n"
oon"onn GLYHUJH  n
n}onnnn
o
n o"       nn} 56,  XQLW
PRPHQWXP0$&'oVORSH}nno
 o non"

--

nr

r

 

 56, oo} onnno


noo SDUDOOHO OLQH nnnno  on
o n no
}
onnnon nnnoono
n.'6WRFKDVWLFoo on.'oGLYHUJH
VORSH}.'n}VHOOVLJQDO
no no
onon
o o    on o
),1nonon  onon
VLGHZD\Vnonn

--

nr

r

 
  n  }on  
on}o
 UHERXQG  on" nnon  o
no}o"
56, ononWUHQGoVHOOVLJQDOn56,
onnnoonVHOOVLJQDO
n56,UHERXQGooon
nnEX\VLJQDOo

 

--

nr

r

n .'6WRFKDVWLFXQLWPRPHQWXP on .


' 6WRFKDVWLF o VHOO VLJQDO n   .  ' on  . n
o ' o o  n . ' 6WRFKDVWLF o EX\
VLJQDOnn}oUHERXQGo



XQLWPRPHQWXPo XQLWPRPHQWXPon
o UHERXQG   no
n XQLWPRPHQWXPooooono }
EX\ VLJQDO o   UHERXQG on   
 o    no}onoo o
}nnooono
}o
o}n"0$&'onon
}goonnVHOOVLJQDO0$&'
nono),1nn

--

nr

r



nnn n}oUHERXQG non


ononno
 EDU FKDUW no    non"
EDUFKDUWnoondnndnno
   no VLJQDO oo n  no ddn
donEDUFKDUWno dnnddnon
 o 9VKDSH  UHYHUVDO SDWWHUQ  n n}o
nr"
 n  o non
oSDWWHUQn"
on56,.'6WRFKDVWLFnVHOOVLJQDO
n n FURVV ononXQLWPRPHQWXP
n FURVVonnn  
}oXQLWPRPHQWXPnono

--

nr

r


   }o VLJQDO n }on  rn
nooor o
nn"nn0$&'
nVHOOVLJQDO
 ioo),1}n" ono),1
ono  j  non
oo}oEDUFKDUWoUHERXQG



--

nr

r

non"o
LQGLFDWRUV
 56,    on UHERXQG  noonn
oonLQGLFDWRUn}onn
onnnon }oLQGLFDWRUono VLJQDO
n


. ' 6WRFKDVWLF }on on o . n
'n.KLQJH  o
oXQLWPRPHQWXPoUHERXQGonoo
 n}}o
}n"on0$&'nVHOOVLJQDO  
oorn }nooon
o
o ),1 }n" or   ono ),1 on
onEDUFKDUWno 
ndnndn}o
nnrn"

--

nr

r


on56,on  
nnono6WRFKDVWLF.
KLQJHo}o FURVV 'o),1}o
n
nooon"onXQLWPRPHQWXP
o KRUL]RQWDOOLQH non



--

nr

r

o}n"0$&'nVHOOVLJQDO
n n  on  n
oron no
 on o ),1 on }oo
non nEDUFKDUWnon n
onon),1on 
     non on nnon }o
non UHERXQG o
),1n}oUHERXQG



ni"nr no" 


on56,oVHOOVLJQDO o
n ooVHOOVLJQDOn6WRFKDVWLFVHOOVLJQDOn
noooLQGLFDWRUVonno

--

nr

r




o XQLW PRPHQWXP oon   oon
ni"noo"
o0$&'n"on0$&'n}oo
on   non}
o),1

--

nr

r

 on   n}  oo


n}n oon  n   o
no


o"   on o ),1 oon  
    nnoono oon
  non      on
 o" nnno oo}oo
n



--

nr

r

 nonon56,on
 6WRFKDVWLF.'onRYHUVROG]RQH   
nnno  n. n
ooonnoo oonon"oPRYLQJ
DYHUDJHoonnon0$&'
nnnnn
ooono),1nooon
o o   nn
onon 
nn"


oorn    oo  nonon
oon   o
nSULFHPRYLQJDYHUDJH n"ooonn
oo),1onn}UHVLVWDQFHOHYHO SHDN

nnnonnno"
56,oUHERXQGnon56,n
UHERXQGo ionon56, UHERXQG

--

nr

r

non56,oj
n]RQHn



6WRFKDVWLF o.o'oo o
jnUHERXQGn
}n" on0$&'go
  noonoon0$&'
no no   }
oon on oon
nno oon 
nUHERXQGno j
nSDUDOOHOOLQHnnEDUFKDUWnoono
onSDUDOOHOOLQH

--

nr

r


o ),1 }on" noon  n
o),1oon QHZKLJK     n 56, nono
VORSHn}  o}oGLYHUJHQFH
 n o}onon o
&KDLNLQ6WRFKDVWLF &KDLNLQnono  
6WRFKDVWLFnRYHUERXJKW]RQHo.o'  o
  o no onnn



--

nr

r

noo onnoon 
onrooonnonno
ooononoooo
o
ooo ono  on ono
nonneooron
ononnoonn
n


oononn nn rn
nonnnooroono
o rn nonnno
or

--


5HIHUHQFHV
Aan, Peter. "Key Reversal Days" Technical Analysis of Stocks & Commodities. October 1989.
Appel, Gerald. The Moving Average Convergence/Divergence Method. SIGNALERT Corp., 1979
Appel, Gerald and W. Frederick Hitschler. Stock Market Trading Systems. Traders Press Inc., 1980.
Arnold, Curtis M. Timing the Market: How to Profit in Bull and Bear Markets with Technical
Analysis Revised Edition, Probus Publishing Co., 1993
Arnold, Curtis. "Gann" in Technical Analysis of Stocks & Commodities: Profitable Trading
Methods, Volume 1 Edited by Jack K. Hutson, Technical Analysis Inc., 1986.
Arms, Richard W., Jr. An Introduction to the Volume Analysis of Stock and Bond Markets Dow
Jones, Irwin-Mosby, 19897
Arms, Richard W., Jr. Ease of Movement Technical Analysis of Stocks & Commodities. May
1990.
Arms, Richard W., Jr. Using the Arms Index in Intraday Applications Technical Analysis of Stocks
& Commodities. April1991.
Arms, Richard W., Jr. Cross Your Arms Technical Analysis of Stocks & Commodities. May 1991.
Aspray, Tom. "On Balance Volume" Technical Analysis of Stocks & Commodities. April 1988.
Babcock, Bruce, Jr. The Dow Jones-Irwin Guide to Trading Systems. Dow Jones-Irwin, 1989.
Balan, Robert. Elliot Wave Principle Applied to the Foreign Exchange Markets. BBS Financial
Publications, 1989.
Barners, Robert M. 1981 Technical Commodity Yearbook Van Nostrand Reinhold Co., 1981
Belveal, L. Dee. Charting Commodity Market Price Behavior. Dow Jones-Irwin, 1985.
Bernstein, Jacob. The Handbook of Commodity Cycles: A Window on Time. Ronald Press, 1982.
Bernstein, Jacob, The Handbook of Economic Cycles. Business One Irwin, 1991.
Blasic, John. The Gann Method Technical Analysis of Stocks & Commodities. June, 1992.
Bollinger, John. Using Bollinger Bands Technical Analysis of Stocks & Commodities. February,
1992
Bowman, Melanie F. and Thom Hartle. "Dow Theory"
Commodities. September 1990.

Technical Analysis of Stocks &

Bressert, Walter. The Power of Oscillator/Cycle Combinations: How to Combine Oscillator and
Cycle Analysis to Improve Market Timing and Profits. Walter Bressert and Associates, 1991.
Chande, Tushar S. Market Thrust Technical Analysis of Stocks & Commodities. August 1992.
Chande, Tushar S. and Stanley Kroll. The New Technical Trader: Boost Your Profit by Plugging
into the Latest Indicators John Wiley & Sons, Inc., 1994

--

nr

Colby, Robert W. and Thomas Meyer. The Encyclopedia of Technical Market Indicators. DowJones-Irwin, 1988.
Crabel, Toby. Day Trading with Short-Term Price Patterns and Opening Range Breakout.
Traders Press, Inc. 1990.
DiNapoli, Joe. "Fibonacci Profit Objectives" Technical Analysis of Stocks & Commodities. August
1989.
Drink, Thomas P. and Steven L. Kille. "A Modification of Wilder's Directional Movement System"
Technical Analysis of Stocks & Commodities, Volume 3 Edited by Jack K. Hutson, Technical
Analysis Inc., 1988.
Edwards, Robert D. and John Magee, Technical Analysis of Stock Trends 5th Edition, 16th Printing,
John Magee Inc., 1987
Ehler, John F. MESA and Trading Market Cycles. John Wiley & Sons, Inc., 1992.
Ehler, John F. "Understanding Cycles" Technical Analysis of Stocks & Commodities, Volume 3
Edited by Jack H. Hutson, Technical Analysis Inc., 1988.
Ehler, John F. "Moving Averages and Smoothing Filters" Technical Analysis of Stocks &
Commodities. March 1989.
Ehler, John F. "Optimizing RSI with Cycles" Technical Analysis of Stocks & Commodities, Volume
4 Edited by Jack K. Hutson, Technical Analysis Inc., 1989
Ehler, John F. "Optimizing Directional Movement with Cycles" Technical Analysis of Stocks &
Commodities, Volume 4 Edited by Jack K. Hutson, Technical Analysis Inc., 1989
Ehler, John F. The MACD Indicator Revisited Technical Analysis of Stocks & Commodities.
October 1991.
Elder, Alexander. Trading for a Living: Psychology, Trading Tactics, Money Management. John
Wiley & Sons, Inc., 1993.
Eng, William F. The Technical Analysis of Stocks, Options and Futures. Probus Publishing, 1988.
Eng, William F. Trading Rules: Strategies for Success. Longman Financial Services Publishing,
1990.
Eng, William F. The Day Trader's Manual: Theory, Art and Science of Profitable Short-Term
Investing. John Wiley & Sons, Inc., 1993.
Fischer, Robert. Fibonacci Applications and Strategies for Traders. John Wiley & Sons, Inc.,
1993.
Fraisse, Jean-Olivier and Kevin D. Armstrong. Compressing Candlestick Patterns
Analysis of Stocks & Commodities. October 1991.

Technical

Frost, A.J. and Robert R. Prechter. Elliott Wave Principle: Key to Stock Market Profits. New
Classics Library, 1985.
Fosback, Norman G. Stock Market Logic. The Institute for Econometric Research, 1987.
Gianturgo, Micheal. The Stock Market Investor's Computer Guide. McGraw-Hill Book Co., 1987.
Gilmore, Bryce T. "Market Wave Analysis, Part 1" Technical Analysis of Stocks & Commodities.
February 1988.

--

nr

Gilmore, Bryce T. "Market Wave Analysis, Part 2" Technical Analysis of Stocks & Commodities.
March 1988.
Hartle, Thom. Comparing Indicators: Stochastics %K and Williams %R Technical Analysis of
Stocks & Commodities. June 1991.
Herbst, Anthony F. Analyzing and Forecasting Futures Prices: A Guide for Hedgers, Speculators
& Traders John Wiley & Sons, Inc., 1992.
Herbst, Anthony F. "Cycles and Chart Patterns" Technical Analysis of Stocks & Commodities,
Volume 5 Edited by Jack K. Hutson, Technical Analysis Inc., 1988.
Hochheimer, Frank "Moving Averages, Channels and Crossovers" in Technical Analysis in
Commodities Edited by P.J. Kaufman , Ronald Press, 1980.
Huang, Stanley S.G. Timing the Stock Market for Maximum Profits, Probus Publishing Co., 1990.
Hurst, J.M. The Profit Magic of Stock Transaction Timing. Prentice-Hall, Inc., 1970.
Hutson, Jack K. "Filtered Price Data: Moving Averages v.s. Exponential Moving Averages" Technical
Analysis of Stocks & Commodities: Investment Techniques, Volume 2 Edited by Jack K. Hutson,
Technical Analysis Inc., 1987.
Idol, Charles. "Point and Figure Charts: An Overview"
Commodities. March 1989.

Technical Analysis of Stocks &

Idol, Charles. "Point and Figure: Analysis and Projection, Part 2" Technical Analysis of Stocks &
Commodities. April 1989.
Johnson, A. Bruce. "Finding Cycles in Time Series Data "
Commodities. August 1990.

Technical Analysis of Stocks &

Kaufman, Perry J. The New Commodity Trading Systems and Methods. John Wiley & Sons, Inc.,
1987.
Kaufman, Perry. Smarter Trading: Improving Performance in Changing Markets McGraw-Hill, Inc.,
1995.
Lane, George. "Lane's Stochastics" Technical Analysis of Stocks & Commodities: Investment
Techniques, Volume 2 Edited by Jack K. Hutson, Technical Analysis Inc., 1987.
Lloyd, Humphrey E. The RSL Market Timing System: How to Pinpoint Market Turns in Mutual
Funds, Futures and Options Windsor Books, 1991
Loyo, Luis Ballesca. "Price Projections on Point and Figure Charts" Technical Analysis of Stocks &
Commodities. July 1989.
McGuire, Timothy A. "Head and Shoulders: An Introduction to Reversal Patterns" Technical Analysis
of Stocks & Commodities, Volume 3 Edited by Jack K. Hutson, Technical Analysis Inc., 1988.
McKallip, Curtis, Jr. "A Simple Cycle Finder" Technical Analysis of Stocks & Commodities. April
1989.
Marisch, Gerald. The W.D. Gann Method of Trading: A Simplified, Clear Approach. Windsor
Books, 1990.
Merrill, Arthur A. "Weekly McClellan Oscillator" Technical Analysis of Stocks & Commodities.
September 1990.

--

nr

Meyer, Thomas A. Technical Analysis Course: A Winning Program for Stock & Futures, Traders
& Investors. Probus Publishing Co., 1989.
Mogey, Richard. "The McClellan Oscillator" Technical Analysis of Stocks & Commodities.
September 1989.
Morris, Greg. Candlesticks and Stochastics
August 1991.

Technical Analysis of Stocks & Commodities.

Murphy, John J. Technical Analysis of the Futures Markets. New York Institute of Finance, 1986.
Murphy, John J. Intermarket Technical Analysis: Trading Strategies for the Global Stock, Bond,
Commodity, and Currency Markets. John Wiley & Sons, Inc., 1991.
Murphy, Joseph E., Jr. Stock Market Probability: Using Statistics to Predict and Optimize
Investment Outcomes Revised Edition, Probus Publishing Co., 1994
New York Institute of Finance. Technical Analysis: A Personal Seminar NYIF Corp., 1989.
Nicholas, John. "Momentum Indicators and Market Cycles" Technical Analysis of Stocks &
Commodities: Investment Techniques, Volume 2 Edited by Jack K. Hutson, Technical Analysis
Inc., 1987.
Nison, Steve. Beyond Candlesticks: New Japanese Charting Techniques Revealed. John Wiley &
Sons, Inc., 1994.
Plummer, Tony. Forecasting Financial Markets. John Wiley & Sons, Inc., 1990.
Pring, Martin J. The Summed Rate of Change (KST)
Commodities. September 1992.
Pring, Martin J. Identifying Trends with the KST Indicator
Commodities. October 1992.

Technical Analysis of Stocks &

Technical Analysis of Stocks &

Ridley, A.D. "Price Forecasting with Cycles" Technical Analysis of Stocks & Commodities:
Investment Techniques, Volume 2 Edited by Jack K. Hutson, Technical Analysis Inc., 1987.
Rusin, Jack, The Internal Dynamics of Trin Technical Analysis of Stocks & Commodities. January
1992.
Rusin, Jack. The Issue/Volume Weighted Long-Term Arms Index Technical Analysis of Stocks &
Commodities. October 1991.
Shimizu, Seiki. The Japanese Chart of Charts, Translated by Gregory S. Nicholson. Tokyo Futures
Trading Publishing Co., 1986.
Sklarew, Arthur. Techniques of a Professional Commodity Chart Analyst. Commodity Research
Bureau, Inc., 1980.
Swancoat, Brad and Ed Kasanjian. Forecasting Market Turns Using Static and Dynamic Cycles
Technical Analysis of Stocks & Commodities. September 1992.
Wagner, Gary S. and Bradley L. Matheny. Trading Applications of Japanese Candlestick
Charting. John Wiley & Sons, Inc., 1994.
White, Walter E. "Mathematical Basis of Wave Theory" Bank Credit Analyst, Supplement, 1970.

--

nr

Wilbur, Harley D. A Twist on the Arms Index Technical Analysis of Stocks & Commodities.
November 1992.
Wilder, J. Welles., Jr. New Concepts in Technical Trading Systems. Trend Research, 1978.
Wilder, J. Welles "Selection and Direction" Technical Analysis in Commodities
Kaufman, Ronald Press, 1980.

Edited by P.J.

Wilder, J. Welles., Jr. "The Relative Strength Index" Technical Analysis of Stocks & Commodities,
Volume 4 Edited by Jack K. Hutson, Technical Analysis Inc., 1989
William, Larry. "The Ultimate Oscillator" Technical Analysis of Stocks & Commodities, Volume 3
Edited by Jack K. Hutson, Technical Analysis Inc., 1988.

--

 r

 r
r
r&HUWLILHG
,QYHVWPHQWDQG6HFXULWLHV$QDO\VW &,6$ /HYHO,,,
rrn

n
r
roon
nen
o}o
i}

o
ron
rn
}ro
r
3RUWIROLR0DQDJHPHQWonr
n

You might also like