Dow Theory is not functioning
Indeed the market is conscious of highs and lows
Dow theory is acknowledged, but
it isn't functioning as such
the point is why the market collapses
it's not functioning purely on an equal basis
are there traders' expectations and large players?
even if there are large players in the first place, does it move
if so, would the large players make a huge profit
everything is the same as support-resistance function
it's just that they are certainly being noticed
when applying a trend-following strategy, unidirectional trend-following is not desirable
it won't function unless you have something like MACD or a way to understand the trend
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