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Wyckoffs InvestmentTheory
o:tifiEl
lEgilrlrT5ll
r€il:rlncil
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.