The Richard D.

Wyckoff Course
in Stock Market

Science and Technique

BASIC LECTURES

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, ,
Eii511
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STOCK MARKET INSTITUTE NC

1991 by Wyckoff Stock Market Institute Inc.
All Rights Reserved Printed in U.S.A.
Revised and Reprinted 1998
 w y.cAo#/csh3ck7nuAeA
alwui!e Fbunded in 1931
13601 N. l%h Avenue, Suite 1, Phoenix, AZ 85029
(602) 942-5581

Dear Student,

This package contains the materials needed to complete the twelve Basic
Lectures, which is the third unit of the complete Wyckoff / SMI course.
The materials included are the twelve Basic Lectures recorded on cassette
tapes and a set of charts that support the discussions and exams for each
lecture.

We suggest that you begin your study of each lecture by listening to the
tape once to get a general feeling for its content. Listen to the tape a
second time to gain a more complete understanding. It would be a good
plan to take notes as you listen to the tape for the second time. Complete
your study of each tape with the exam for that tape, which should be
returned to Wyckoff / SMI for grading.

The suggested completion time for the Basic Lectures is six weeks. This
will require that you complete two tapes per week. Although this is an
ambitious schedule, it can be met through dkcipline, which will be a critical
factor in your fbture stock market success.

Sincerely,

Wyckoff / Stock Market Institute Inc.

Craig Schroeder
Executive Vice President
 v
~n’
\w
CONSULTATION SERVICE

J STOCK MARKET INSTITUTE Foundtd In 193 I

13601 N. 19th Avenu$ SUte 1, Phoenix, AZ 8S029

(602) 942-5581

Name Date
(Print or Type)
Address Student No.

City State zip

Note: This is not an advisory service.

Limit your questions to items relating directly to your studies and shipments of lessons ancUor supplies.
For better service, please — one item to each page.

This is the problem:

,“-$

,- (Use space below If needed)

Our reply:

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 BASIC LECTURE 1 EXAM

These are open-book exams.

ST’(XK MAIWH NNSTITUTEIIK Refer to your lessons and
charts if you need help.

Name Date

Address Student No.

city State Zip

and Basic Concepts

Philosophy, History .—

1. a) What is the definition of a principle?

b) How does this definition of a principle, as used by

SMI, relate to the action of the stock market?
,,,,-

c) Name any three examples of Wyckoff principles.

i.

ii.

iii.

2. In the table below:

a) Name the three basic laws which were discussed on

Basic Lecture #1.

b) Briefly state how these laws apply to the stock market.

c) From what types of charts can each of these laws be

interpreted.
,,,C-- *
Law Application Type of Chart
1.

11.

.
111.

3. a) Briefly state the three processes which are involved in

the application of the Wyckoff Method.
,,.-.,
1)

2)

3)
b) How do ~ intend to incorporate these processes in
your personal market strategy?

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 BASICLECTURE2 EXAM
I
These are open-bookexama.
9’C)CK MARKETHWITWTE.INC Refer to your lessonsand
chartsif you need help.

Name Date

Address StudentNo.

city State zip

Trends

1. Name the three tools or means which are available to measure

trends.

a.

b.

c.

2. Name the four types of trends. a.

b.

c.

d.

3. For the chart of Amerada, Chart # 1:

a) Draw a normal use of trend lines on the VLC (Label AA

and BB) .

b) Draw the trend lines on the FC which correspond to the

trend lines on the VLC. (Label CC and DD) .

4. On the chart of Molybdenum Corporation, Chart # 2:

a) Followinq the upthrust action at 37.4, draw a reverse
use of trend lines on the VLC (Label AA and BB).

b) The rally to 29.6 on 8/10/69 may be significant because:

(Circle the best answer)

i. This is a bullish rally.

ii. This may define narrower limits for the trend.

iii. This is a normal correction in a downtrend.

iv. Both i and ii are correct.

v. Both ii and iii are correct.

c) Draw the reverse use of trend lines on the FC which

correspond to the trend lines on the VLC. (Label DD
and EE) .

d) Draw a normal use of trend lines for the long term

,,,,#m%,
downtrend on the FC beginning at 45. (Label FF and
GG) .

(over)
5. For Chart # 3, General Electric:

a) Draw a normal use of trend lines for the mark up

phase. (Label AA and BB).

b) Draw a reverse use of trend lines for this same

period. (Label CC and DD).

c) Line AA was drawn as a line, but it

may become a llne for subsequent
rallies. -.”.,

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 BASIC LECTURE 3 EXAM

These are open-book exams.

STOCK MARKET INSMUTE.IK Refer to your lessons and
charts if you need help.
,,-!!.

Name Date

Address Student No.

Accumulation

1. The four principles (in s

associated with the stopp
– -) ng o the
‘hich
mark are
down‘enera”y
phase and the
beginning of accumulation are:

a.

b.
,,+.
c.

d.

2. Briefly define the price and volume characteristics associ-

ated with each of the following:

Principle Price Volume

#1 Spring:

#2 Spring:

#3 Spring:

3. Circle any springs which accur on charts # 1-5. Classify these

springs as #1, #2, or #3 and mark the secondary test (ST) if
applicable.

4. Analyze Chart #6 in the following manner:

a) Mark the major principles on this chart:

b) Draw a normal use of trend lines for the mark-up phase.

c) Circle logical places for establishing long positions
by placing P 1 for the first position, P 2 for the
second position~ etc. and S 1 for the initial stop
order level on the first position, S 2 for the initial
stop order level an the second position, etc. An
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example of this is on Chart # 6. Also state in one
sentence why this is a logical place to establish a
long position.

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 BASIC LECTURE 4 EXAM

These are open-book exama.

Refer to your lessonsand
chartsif you naed help.

Name Date

Address Student No.

city State zip

Climaxes and Secondary Tests

1. Briefly state the implications of the sequence PS/SC/AR/ST and

PSY/BC/AR/ST in relationship to the existing trend.

PS/SC/AR/ST:

,,,,m%,
PSY/BC/AR/ST :

2. What are the basic similarities and differences between cli-

mactic action volume and breakout action volume? Also what
are the implications of these two types of volume action in
relation to the price movement? -

CL3MAX VOLUME BREAKOUT VOLUME

SIMILARITIES

,,,-,,

DIFFERENCES

IMPLICATIONS

3. The secondary test following the selling climax (buying climax)

should be accompanied by a of the price spread
and a in volume compared to the selling climax
(buying climax).

,,@-. 4. On Charts # 1-5 identify the occurrence of PS\SC/AR/ST or

PSY/BC/AR/ST by marking the particular day(s) where these occur
and labeling with the proper abbreviation.

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 I BASICLECTURE5 EXAM

STOCK MARKET lNSTMJTE,hK

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Name Date

Address StudentNo.

city State zip

Springs and Terminal Shakeouts

1. Define a terminal shakeout.

2. What is the main difference between a terminal shakeout and

,“,--” a spring?

3. What is the major purpose of a spring or terminal shakeout?

4. What are the basic similarities and differences between the

terminal shakeout and the ordinary shakeout?
Terminal Shakeout Ordinary Shakeout

,@-”-

Similarities

Differences

5. On Charts # 1-10, identify any springs or terminal shakeouts

which occur. If a spring occurs, classify this as one of the
three basic types. If the spring has a secondary test, identify
the secondary test.

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(over)
 t!l!il?
ATLAS CHEMICAL (AcI)
October 2 - Decetier 11, 1970
if

10/2 - i6 - - 11/6 - 20 12/4 - IS

IiBCELANESE (CZ)
October 2 - December 4, 1970 Ii

10]2 16 - - 1176 ‘ ;0 ‘ 1;/4

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 BASICLECTURE6 EXAM

These are open-bookexams.

ST~K MARKET NTITUTEINC Refer to your lessonsand
.-,
charts if you need help.

Name Date

Address StudentNo.

city State zip

Jump Across the Creek

1. The “Jump Across the Creek” and the “Back Up to the Edge of
the Creek” are synonymous to what other two Wyckoff principles?

Jump Across the Creek =

Back Up to the Edge =

2. On Charts # 1-5 draw in any creeks and mark the jump across
the creek and the back up. In marking the jump and the back
up, mark both the price action and volume with arrows.

3. Analyze Chart # 6 and identify any principles which occur.

Assuming the stock has a substantial count and that it is
stronger than the market:

a) Mark the principles on the chart.

b) Circle the area(s) where a position(s) could be

established for an intermediate to long term move.
These areas should be labeled Pl, P2, P3, etc. and
the basic reason for establishing a position at this
point should be given below. One example has been
provided.

For Example: P1. A long position can be established on the

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Secondary Test of the #2 Spring.
P2.

P3.

P4 .

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I BASIC LECTURE 7 EXAM

STOCK MARKET NSTITUTE.IIW I These are open-book exams.

Refer to your lessons and
,“m--
1 charts if you need help.

Name Date

Address Student No.

city State zip

Upthrust After Distribution

1. Specify explicitly Q the elements which must be present for

an U~thrust after D~ribution.

a)

b)

c)

d)

e)

2. Define the ICE (“Fall Through the Ice” and “Rally Back to the
Ice”) as us=in Basic Lecture # 7.

,,,,-

.
3. On Charts # 1 and 2 draw in the Ice and identify the rally
back to the ice.

4. Analyze Chart # 3 in the following manner:

a) Identify and mark the major principles.

b) Draw important trend lines and thrusts.

c) Draw in support and resistance levels.

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 BASIC LECTURE 8 EXAM

These are opwwbook exams.

Rafer to your lessons and
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charts if you need help.

Name Date

Address Student No.

city State zip

Counts and ——
—— Count Guide

1. why should a speculator/investor break a count into phases

and take the count from ri,qht ——
to left?

2. What three (3) important questions must be answered before a

speculative position is established?

a)

b)

c)

3. On Charts # 2-4 mark the counts and flag these counts using
thev ,~ , and O as described in Basic Lecture #8. (Assume
from the Figure Chart action where the LPS or LPSY occurred.)

4. On Chart # 1:

,,,,,
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a) Mark the principal phases and flag the counts.

b) Draw in the trend lines and mark the half-way points.

c) Identify the SOW and LPSY.

d) From the l-Point Figure Chart (Chart # 1):

i.) Construct a 3-Point Figure Chart.

ii.) Mark the confirming count on the 3-Point

Chart.

,,,,,,,
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(over)
—
DIGITAL EQUIPMENT (DEC)
 BASIC LECTURE9 EXAM

These are open-book exams.

STOCK MARKETlP6WlUTE.lftK Refer to your lessons and
charts if you need help.
,,,.,
-,,

Name Date

Address Student No.

Speculatingq - Takinq ~ Position

1. Cite four (4) examples of Wyckoff principles or market action

on which an intermediate or long term long position may be
established.

a)

b)

,,t,- c)

d)

2. Why is it important for a speculator/investor to determine

the trend of the market?

3. Given the Wyckoff Wave and Charts # 1 and 2:

a) What is the trend of the market? (Circle one for each)

Long Term Trend: UP DOWN NEUTRAL

,,,,.-
Intermediate Trend: UP DOWN NEUTRAL

Immediate Trend: UP DOWN NEUTRAL

b) What is the forcasted trend of the market? (Circle

one for each T————’——

Long Term Trend: UP DOWN NEUTRAL

Intermediate Trend: UP DOWN NEUTRAL

Immediate Trend: UP DOWN NEUTRAL

c) Assuming you are speculating for an intermediate

move, how are you going to play the market? (Circle
one )

LONG SHORT NEUTRAL

,,,,,-

(over)
Answer the following questions for stocks # 1 and 2:

d) This stock is

(Check one)

(check one)
e) What are the count lines and potential point count?

Count Line Points Count Min.Objective Max.Objective

Stock #1

Stock #2 & ●

f) Rank these two stocks in preference order.

Most Preferred: Stock # Least Preferred: Stock #

g) Analyze and mark all principles, thrusts, etc. for the

stock which has b= selected as most preferred in
step (f).

h) Post the data for the Wyckoff Wave and the stock which
has been analyzed and establish a speculative position.
Record your decision below.

Stock Date Long/Short Price $hares Stop Order

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BL9-2
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General Instructions:

1. Analyze the Wyckoff Wave to determine the trend of the market.

2. Compare stocks #1 and #2 with the market and determine potential objectives.
3. Select one of the two stocks for a speculative, intermediate position.
4. Chart the Wyckoff Wave and the stock you selected in step 3 with the
data on paues BL9-7 and 8.
5. Establisfi ~our position(s) in thie stock.

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WYCKOFF WAVE HIGH LOW CLOSE HIGH LOW CLOSE VOL 25-POINT FC
I 1
AUG 17, 1970 171 o~ 171 o~ 482.79 481.12 482.79 6940 --
AUG 18, 1970 1736% 17272 485.55 484.12 485.29 95Q0 1725
AUG 19, 19m 175+ 1739: 487.34 486.20 486.28 9870 1750
AUG 20, 1970 17627 17627 48 EI.17 485.86 488.17 10170 -.
AUG 21, 1970 181 7a lm7~ 492.35 489.67 492.35 13420 1800

AUG 24, 1970 185 ‘ 182 ‘ 18534 496.20 493.26 494.88 18910 1850
AUG 25, 1970
%
1871 s
%
1832– 1f365q 495.81 492.21 494.94 --
17520
AUG 26, 1970 1908 18669 1881- 4913.89 496.25 497.01 15970 1900
?
AUG 27, 1970 191@ 1E66– 18925 497.56 495.47 495.51 12440 1875-1900
AUG 28, 1970 1928 18964 1920$ 499.92 497.?7 498.61 13820 1925

AUG 31, 1970 1917: 1903 1904$ 497.82 496.25 496.25 10740 --
SEPT 1, 1970 1893 1876 ‘ 1 f3E3ij 495.92 494.41 494.77 10440 1900
?
SEPT 2, 19X3 1876$ 185Z– 1872 495.02 493.23 495.0.2 9710 1875
SEPT 3, 1970 19087 IE?86Y 1907 499.39 497.58 499.39 14110 1900
-7 --
SEPT 4, 1970 19122 19oq 1919+ 501.23 497.89 501.23 15360

SEPT 8, 1970 1923X 1880+ 1918; 503. P9 498.47 503.34 17110 --

sEPT 9, 1970 1929 1884 1906– 504.28 500.68 502.01 16.2”a 1925-1900
sEPT 10, 1970 1 900; le82’ 1896# 501.40 500.32 501.39 11900 --
4 7 --
SEPT 11> 1970 191 OF 18EEZ 1900 503.19 500.15 502.93 12140

SEPT 14, 1970 1960~ 1885$ 186% 503. e4 501.19 501.19 11900 --
SEPT 15, 7970 1 8Ef3-- 1E?65 1876 499.93 498.41 499.56 9830 1875
SEPT 16, 1970 1905$ 1864; 1 E?9E 502.41 498.63 501.59 12090 1900
SEPT 17, 1970 1 933– 1909 192 505.55 503.98 504.40 15530 1925
0+
SEPT 18, 1970 1960$ 1921+ 19342 508.11 505.32 505.32 15900 1950

SEPT 21 , 1970 194 ‘ 1903; 1905 505.50 503.20 503.20 12540 1925
9 I e79 ~ 18EK2 503.63 502.23
S EPT 22, 1970 1904~ 501.11 12110 1900
SEPT 23, 1970 1940- 19092 192 506.25 504.04 505.95 16940 19.25
9 %
SEPT 24, 1970 1974– 1935 19667 509.39 506.53 507.83 21340 1950
SEPT 25, 1970 1977$ 19572 19642 512.41 507:88 511.70 20370 1975

sEPT 28, 1970 198% 195@ 1974; 511.89 508.22 509.71 14390 --
SEPT 29, 1970 XJo3– 1947 1988$ 512.23 506.53 511.67 17680 1950-2000
‘i 513.35 510.70 511.82 -.
SEPT 30, lwo a307- 1982 ‘ 1988q 14830
? 51O.EY3 509.64 510.15 9700
OCT 1, 1970 1986$ 196% 1985- 1975
OCT 2, 1970 2008~ 19E?8 2006; 512,95 511.06 512.69 154.20 2000
 A I LEEN HIGH LW CLOSE VOLUME FIG CH

AUG 17, 1970 26.2 25.6 26.2 9 -.

AUG 18, 1970 27.4 26.4 27.2 71 27
AUG 19, 1970 27.3 27.0 27.0 58 -.
AUG 20, 1970 27.4 27.2 27.4 17
AUG 21, l~70 29.0 27.6 29.0 54

AUG 24, 1070 29.6 28.6 29.0 48

AUG 25, 1970 30.0 29.1 30.0 134
AUG 26, 1970 30.4 29.4 30.0 --
AUG 27, 1970 30.3 29.2 30.0 :; --
AUG 28, 1970 32.6 30.0 32.6 32 32

AUG 31, 1970 33.0 32.0 32.6 60 33

SEPT ~, 1970 32.6 32.0 32.2 41 32
SEPT L, 1970 32.4 32.0 32.4 43 --
SEPT 3, 1970 33.6 32.4 33.6 58 33
SEPT 4, 1970 35.0 33.7 34.4 99 35-4

SEPT 8, 1970 34.4 33.6 34.1 63 --

SEPT 9, 1970 34.2 32.7 32.7 51 33
SEPT 10, 1970 33.2 32.0 32.5 153 32
SEPT 11, 1970 33.0 32.5 33,0 7 33

SEPT 14, 1970 32.7 32,5 32.5 39 --

SEPT 15, 1970 32.5 31.2 31.2 30 32
SEPT 16, 1970 32.0 31.0 31 ;0 89 31
SEPT 17, 1970 33.2 31.0 32.6 1e9 33
SEPT 18, 1970 34.5 33.0 34.1 88 34

SEPT 21, 1970 35*3 34.5 35.3 25 35

SEPT 22, 1970 36.2 34.6 34.6 40 36-5
,m-%
SEPT 23, 1970 36.0 34.2 36.0 89 36
SEPT 24, 1970 38.3 36.4 38.2 105 38
SEFT 25, 1970 38.4 37.2 37.3 62 --

SEPT 28, 1970 37.3 36.0 36.5 36

SEPT 29, 1970 37.4 36.7 37.4 37
SEPT 30, 1970 39.0 3s.0 39.0 39
OCT 1970 39.0 38.0 38.4 38
OCT ); 1970 39.2 38.4 39.0 39

AMPEX HIGH LOW CLOSE VOLUME FIG CH

AUG 17, 197C 14.4 13.4 14.4 96 --

AUG 18, 1970 14.7 14.3 14,3 261 --
AUG 19, 1970 14.7 14.4 14.5 &8 --
AUG 20, 1970 14.7 13.5 14.4 207 --
AUG 21, 1970 14.6 13.4 14.2 320 -.

AUG 24, 1970 15.0 14.5 14.5 298 15

AUG 25. 1970 16.0 14.4 16.0 888 16
AUG 26, ‘ 1970 17.2 16.4 16.5 499 17
AUG 27, 1970 16.6 16.0 16.1 250 16
AUG 28, 1970 16.5 15.7 16.4 198 --

AUG 31, 1970 17.0 16.1 16.1 15E 17

SEPT 1, 1970 16.4 16.1 16.3 106 --
SEPT 2, 1970 16.3 15.4 16,2 337 16
SEPT 3, 1970 17.0 16.1 16.5 53!J 17
SEPT 4, 1970 17.1 16.0 16.4 33 q 16-7

SEPT 8, 1970 18.0 16.1 17.5 408 18

SEPT 9, 1970 19.4 18.0 18.6 700 19-8
10, 1970 18.5 18.0 18.4 191 --
SEPT
11, 1970 18.5 17.5 18.4 198 --
SEPT

SEPT 14, 1970 18.6 17.5 18.0 226 .-

SEPT 15, 1970 17.6 17.4 17.5 142 --
SEPT 16, 1970 17.5 17.0 17.2 218 17
SEPT 17, 1970 19.0 17.4 18:6 413 19
18, 1970 18.7 18.2 18.5 293 --
SEPT

SEPT 21, 1970 18.5 17.6 17.7 152 18

17.7 17.2 17.3 291 --
SEPT 22, 1970
23, 1970 18.3 17.2 18.0 165 --
SEPT
SEPT 24, 1970 19.2 18.1 19.2 377 19
SEPT 25, 1970 21.3 19.2 20.7 1215 21

SEPT 28, 1970 21.2 20 .0 20.7 849 20-1 ,-”,,,,

29, 1970 21 .6 20.2 21.3 852 --

SEPT
30, 1970 21.6 20.7 21 .2 353 --
SEPT
21.0 20.5 20.6 153 --
OCT 1, 1970
2, 1970 20.0 29.4 20.9 240 ---
OCT

BL9-8
 I BASICLECTURE1O EXAM

S7C)CK MWllltH lNHITUTEINC

Name Date

Address StudentNo.

city State zip

Wyckoff Wave arid Op~imism - —

Pessimism —
Index

1. Define the following terms:

a) Divergence:

b) Inharmonious Action:

2. On Chart # 1 (WW/OP) identify the major principles and mark

the divergence(s) and inharmonious action(s) .

3. Chart # 2 is a series of Intra-Day Wave Charts.

a) Draw the trend lines.

b) Identify the turning points.

,,W””W
c) Mark any occurrence(s) of divergence or inharmonious
action(s) .

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BASIC LECTURE 10
1

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 BASICLECTURE11 EXAM

These are open-bookexams.

STOCK MARKET INSTITUTE.IW Refer to your lessonsand
charts if You need help.

Name Date
Address StudentNo.
city State zip

EESE-EY-SS?E
Analysis Q Accumulation

Assume that the forecasted trend of the market is up and that

this stock (Chart #1) is stronger than the market. Analyze
this chart in the following manner:

1. What is its potential cause?

,,,,,w”m
a) The count line is .
b) The potential point count is points.

c) The minimum objective is .

d) The maximum objective is .

2. If a long position were established in this stock, a stop

order could be placed at .

3. The profit:ri,sk ratio is .

4. Mark and identify all principles, counts, thrusts, trend

lines, etc. on the chart.

5. Post the data provided and establish logical lon positions.

,,,,,-. As these positions are established, complete +
t e table below:

*Position Date
— Price
— Shares s top
. Reason for position this day

#1

#2

#3

#4

#5

*Note: It is not a necessary requirement to establish five

positions in this stock. Your personal preference
will determine how you establish your positions.

,,,
”-,,,

(over)
HOLIDAY INNS HIGH LOW CLOSE VOLME FIG CH

AUG 17, 1970 24.4 24.0 24.0 142 24

AUG 18, 1970 24.4 23.4 23.6 359 .-
AUG 19, 1970 24.4 23.2 24.4 153 .-
AUG 20, 1970 24.0 23.1 23.6 169 --
AUG 21, 1970 24.6 23.3 24.6 367 --

AUG 24, 1970 26.0 25.2 25.6. 605 26

AUG 25, 1970 27.5 25.4 27.4 395 27
AUG 26, 1970 28.0 27.4 27.6 380
AUG 27, 1970 27.5 26.4 27.1 215
AUG 28, 1970 28.0 26.6 28.0 270

AUG 31, 1970 28.0 27.5 27.7 110 --

SEPT 1, 1970 27.7 27.2 27.3 83 --
SEPT 2, 1970 27.2 26.3 27.2 141 27
SEPT 3, 1970 27.7 27. I 27.4 305 -.
SEPT 4, 19X) 28.0 27.5 28.0 325 28

SEPT 8, 1970 29.0 27.1 28.6 412 29

SEPT 9, 1970 29.3 28.5 29.3 690
SEPT 10, 1970 29.1 28.0 28.7 159 X-9
SEPT 11, 1970 29.6 29.0 29.3 233 --

SEPT 14, 1970 29.5 29.0 29.1 202 --

SEPT 15, 1970 29.1 28.1 28.1 151 --
SEPT 16, 1970 28.6 27.5 28.4 399 28
SEPT 17, 1970 29.7 28.6 29.7 478
SEPT 18, 1970 32.7 30.0 31.5 789 :-1

SEPT 21, 1970 31.7 30.3 30.3 550 --

SEPT 22, 1970 30.0 28.4 29.3 258 29-30
SEPT 23, 1970 30.2 29.0 29.7 304 29-30
SEPT 24, 1970 31.0 29.7 30.7 265 31
SEPT 25, 1970 32.0 31.0 31.3 534 32

SEPT 28, 1970 32.0 31.2 32.0 336 --

SEPT 29, 1970 33.0 31.0 33.0 402 31-3
SEPT 30, 1970 33.6 32.6 32.7 239
OCT 1, 1970 33.3 32.6 33.2 170 --
OCT 2, 1970 34.2 32.7 34.2 248 34

OCT 5, 1970 36.0 34.0 36.0 300 36

OCT 6, 1970 36.1 34.2 34.3 185 35
OCT 7, 1970 34*7 32.6 34.6 215 33-4
OCT 8, 1970 34.7 34.3 34.4 226 --
OCT 9, 1970 35.2 33.7 34.7 206 35

BL1l-2
—

5/1 15 6/5 19 7/2 ;7 8/7

BL1l-3
 F
T

BASICLECTURE12 EXAM

These are open-bookexams.

S_lQCKMARKET INSTITUTE.INC Refer to your lessonsand
,,,!-,, chartsif you need help.

Name Date

Address StudentNo.

city State zip

Step,-~-Step Analysis ~ Distribution

Assume that the forecasted trend of the market is down and that
this stock (Chart #1) is weaker than the market. Analyze. this
chart in the following manner:

1. What is its potential cause?

a) The count line is .

b) The potential point count is points.
c) The minimum objective is .

d) The maximum objective is ●

2. If a short position were established in this stock, a stop

order could be placed at .

3. The profit:risk ratio is .

4. Mark and identify all principles, counts, thrusts, trend

lines, etc. on the chart.

5. Post the data provided and establish logical short positions.

,@.-.m
As these positions are established, complete the table below:

*position Date
— 4Price
. Shares s top
. Reason for position this day

#1
#2

#3
.
*4

#5
3

*Note: It is not a necessary requirement to establish five

positions in this stock. Your personal preference will
determine how you establish your positions.

,,,,,-

(over)
XEROX HIGH L(XII CLOSE VOLUME

JAN 19, 1970 108.6 106.2 106.2 592 107

JAN 20, 1970 108.4 104.0 106.4 704 104-8-7
JAN 21, 1970 107.6 106.0 106.2 751 105-7-6
2.2, 1970 108,2 105.6 107.1 436 108-7
:: 23, 1970 108.4 106.0 106.4 542 108-6

JAN 26, 1970 106.0 104.2 105.1 498 105

JAN 27, 1970 105.5 103.0 103.4 1411 103
JAN 28, 1970 103.7 101.7 102.0 3% 102
JAN 29, 1970 102.0 99.4 100,2 1031 100-1-o
JAN 30, 19m 101.2 99.6 100.5 606 101-0-1

FIZB 2, 1970 103.4 100.5 101.6 612 103-2

FEB 3, 1970 104.0 99.4 103.6 100-4-3
FEB 4, 1970 103.7 100.1 101.7 ?: 101-2
FEB 5, 1970 104.0 100.1 103.7 436 101-4
FEB 6, 1970 104.4 102.0 102.5 457 102

FEB 9, 1970 104.7 103.0 104.3 424 104-3-4

FEB 10, 1970 103.0 101.0 101.4 272 101
FEB 11, 1970 103.0 99.6 101.6 542 1OO-3-Z
FEB 12, 1970 102.0 100.0 100.O 387 100-1-o
FEB 13, 1970 99.2 97.1 97.6 681 98

FEB 16, 1970 9Q.5 97.2 98.2 563 --

FEB 17, 1970 99.7 97.3 99.4 553 99
FEB 18, 1970 103.4 101.0 102.5 342 103
FEB 19, 1970 103.2 100.4 100.7 561 101 -2-1
FEB 20, 1970 100.4 98.0 98:5 596 98

FEB 24, 1970 98.7 97.1 97.4 549

FEB 25> 1970 97.4 93.2 97.4 1241 Z-7
FEB 26, 1970 95.2 93.4 94.5 747 94-5-4-5
FE8 27, 1970 95.0 9Q.1 91.0 1330 91 -2-1

MAR 2, 1970 94.0 93.5 955 93-2-4

MAR . 3,
4,
1970
1970
95.7
95.5
2::
91.5
95.7
91:6
751
580
95-4-5
MAR 92
MAR 5, 1970 93.7 91.3 92.4 689 93
MAR 6, 1970 93.6 91.7 93.6 402 92-3

MAR 9, 1970 94.4 92.2 94.4 513 94

MAR 10, 1970 95.0 93.7 94.4 325 95-4
MAR 11, 1970 93.6 93.6 332 --
MAR 12, 1970 E:: G0i6 91.2 639 91
MAR 13, 1970 91.2 89.5 90,2 1463 90

MAR 16, 1970 90.7 88.4 90.2 523 89-90

MAR 17, 1970 91 ●7 90.0 91.2 592 91
MAR 18, 1970 92.6 91.2 92.2 393 92
MAR 19, 1970 92.6 90.2 90.2 740 91 -2-1
MAR 20, 1970 90.3 89.2 90.3 442 90

MAR 23, 1970 90.6 89.0 89.3 366 89-90

MAR 24, 1970 93.0 90.0 92.0 551 93-2
MAR .25, 1970 95.7 92.5 93.5 861 95-4-5-4-5-4
MAR 26, 1970 94.2 93.3 94.0 383 --

MAR 30, 1970 92.0 89.0 91.0 2531 89-91

MAR 31, 1970 91.0 88.4 91.0 855 89-91
APR l“, 1970 90.7 89.4 90,2 532 90
APR z, 1970 91,5 90.4 90.7 385 91
APR 3, 1970 90.1 87,0 87.0 11% 87

APR 6, 1970 86.0 85.0 85.7 2267 85-6-5-6

APR 7, 1970 85,6 83.6 84.1 784 84-5-4
APR 8, 1970 86.0 84.4 85;7 3% 86
APR 9, 1970 87.6 85.6 85.6 639 87-6-7-6
APR 10, 1970 87.6 85.2 86.4 535 87

86.1 275
APR
APR
APR
13,
14,
15,
1970
1970
1970
87.3
86.2
85.3
86.1
83.1
82.3
84.2
83.5
825
390
z
85-4
APR 16, 1970 83:6 81.2 81,4 1191 82
APR 17, 1970 84.7 81 ●5 84,7 850 84

APR 20, 1970 87.2 87.0 636 87

APR 21. 19ml 88.0 ::: 8!3.3 1023 88-5
APR 22; 1970 84.7 82.7 84.6 33 83-4
APR 23, 1970 84,3 83.0 83,1 1064 83-4-3-4
APR 24, 197Q 83.7 82.3 83.0 627 83

,--%,,

BL12-2
BL 12-3
(No chart on this page)

BL12-4
 ——. —..

m
b
P
NJ
I
m
 PREFACE

HOW TO GET THE MOST FROM YOUR BASIC LECTURES

The first portion of your course was devoted to a study of the 25 printed
basic lessons. In those lessons you studied the important Wyckoff prin-
ciples and market concepts, to prepare you for the second major phase of
your SMI course--the Basic Lecture Series--which will help you recognize,
understand, and interpret the elements of market campaigns (or cycles of
market action), as promoted by the professionals.

These 12 new, basic two-side audio taped lectures are an integral part of
your course of programed instruction. They are an excellent means to learn
the ‘tartof investing and/or speculating” through supplementing the written
course with this audio-visual presentation of many recent market campaigns.
The lectures will assist you in learning to relate the Wyckoff principles
into a full understanding of how the Law of Supply and Demand functions in
the stock market.

These audio tapes are called “Basic Lectures” because their purpose is to
present basic market principles and information. For example, Lecture #1
covers the philosophy, history, and basic concepts of the Wyckoff course.

Note: Since Lecture #1 is an introductory lecture and is

of a general nature, it does not include any charts-there
will be no pages marked 1-1 and 1-2. The series of tape
related charts begins with Lecture #2 and continues on
through Lecture #12.

Basic Lecture #2 covers the very important topic of “Trends.” It is il-

lustrated with 10 charts. These charts enhance the learning through the
use of these vivid graphic representations, and ensure more rapid compre-
hension by the learner.

Basic Lecture #3 with its 15 charts covers the very important subject of
“Accumulation”, and so on through 12 interesting tapes, as you will note
in the Table of Contents.

These lectures represent the combined years of experience of SMI’S technical

and instructional staff. The script is well written and tightly organized
to insure highest quality recordings. The situations selected and covered
orally, on the tapes, and visually, on the charts, present classic and
meaningful examples of market action.

Listen to each lecture time and time again--at first, to get the general
idea of the subject and to recognize the important principles and points
on the charts, with a second and more thorough study to follow. At this
time make notes of the important happenings, lightly and in pencil, on
your charts. Add anything which will help you. Perhaps, on another go-
‘round on a given lecture you might want to use vari-colored col-erase
pencils to mark outstanding points.

Then, from time to time, go back and review the concepts presented. This
is experience-building and will give you the knowledge and the confidence
you need to become successful in the market.
 TABLE OF CONTENTS BASIC LECTURES

Basic Lecture 1 Philosophy, History and Basic Concepts

Basic Lecture 2 Trends

Basic Lecture 3 Accumulation

Basic Lecture 4 Climaxes and Secondary Tests

Basic Lecture 5 Springs and Terminal Shakeouts

Basic Lecture 6 Jump Across the Creek

Basic Lecture 7 Upthrust after Distribution

Basic Lecture 8 Counts and Count Guide

Basic Lecture 9 Speculating – Taking a Position

Basic Lecture 10 Wyckoff Wave and Optimism-Pessimism Index

Basic Lecture 11 Step-by-Step Analysis of Accumulation

Basic Lecture 12 I Step-by-Step Analysis of Distribution

 BASIC LECTURE 2
DISTRIBUTION AREA
CHART #3
CHART #1

Illustration of execution of a buying order for 2 000 shares

Price at $ 50.00 per share.
PRICE # SHARES
PRICE LINE
51.0
50.7 500
50.6 100
50.5 200
50.4 500
50.3 100 ACCUMULATION AREA
50.2 200
50.1 . 100
50.0 300

CHART #4
CHART #2 CAUSED BYGREED SHORT TERM
RALLIES AND REACTIONS

PRICE
/c

PRICE LINE

CAUSEDBYFEAR
ImllB BASIC LECTURE 2

CHART #6
CHART #5

INTERMEDIATE TERM LONG TERM BULL AND

ADVANCES AND DECLINES BEAR MARKETS

~RICE

A
2-3
2-4 “
54

53
52

51

50

49

48

47

46

45

44

43

42

41

@o
39
38

37

36
35

34
33

32

31
30

40
32

24

.16

1968 1969
M19 ~ASIC L~CTUJiE3

CHART 1

DISTRIBUTION

ACCUMULATION
 I
I
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MilB I
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13
BASIC LECTURE 3 I Sps
I

CHART 2 *1 L A I
1966

3-3
60

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1/6 1967 2/3 3/3 bj7”-”.5j5-

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1968 1969 .
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 64

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1968
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1960

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 110

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GULF & WESTERN INDUSTRIES~
4 4

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1965
 {!, , 1 i ‘ ,,, , .
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CHART 2

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1965

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1965
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1966
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1969

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1967

5-1o
 BASIC LECTURE 6

CHART 1

<; DOTTEO LINE INDICATES FOLLOWING PATH

WITH FREQuENT TRIPS TO EOGE OF CREEK
i
IN AN EFFORT TO FINO A SPOT NOT
,/
---- QUITE SO WIDE OR NOT so SWIFT.
:8
..:
.../

./..
.,’
,.....’

J?

(3
 3 1

2 30

9
1
8
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9 6

25
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7
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6 2

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24

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3/1 15 4/5 19 5/3 17 6/7 21 7/3 19

1968
1968
 4

20

1968 1969

6-4
 b

4
. BASIC LECTURE 6 ~~ .
2
CHART 6 ■

50 I I I I I
d

8 , MILGO ELECTRONIC
.
CORP.
I . 11 1-1-
1

. 9

6 —

2
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BASIC LECTURE 6 ‘;:’~
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1968
19 2/2 16 3/1 15 4/5 19 5/6” 18 6/7” 21 ---i9
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1968 3.960
 6

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1968

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BASIC LECTURE 6
1 .. L..–. ..—–
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CHART 13

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~

BASICLECTURE7

CHARTl

DISI’RIHRIOH
DIS!TUBUHOH D191RIBUTIOH

AccmmJmolv
 c

BASIC LECTURE 7 BASIC LECTURE

CHART2 CHART 3
 11

Rilllg
BASIC LECTUEE 7

cmART 4

DISTRIBUTION
Ps

II
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 A c D E

BASIC LECTURE 7 2 7
BC 9
CHART 5 4WT
L
DISTRIBUTION 5

PSY A Ahfi .

F
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.
1969

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1969
 -d.

b - .

~ BASIC LECTURE /

1968 1969

7-13
7-14
STOCKMARKETINSTITUTEINC

COUNT GUIDE - UP COUNT

After having seen a Sign of Strength, locate the Last Point of Support on
a Reaction and count from right t; left,

Detailed Count Guide - Up Count

After having identified a Sign of Strength (SOS) on the vertical line chart,
locate the last point at which support was met on a reaction - the Last
Point of Support-- (LPS). Locate-this point on your figure chart also and
count from right-to-left,
—— taking your most conservative count first and
moving further to the left as the move progresses.

In moving to the left, turn to your vertical line chart and divide the area
of accumulation into phases, adding one complete phase at a time. Never add
only part of a phase to your count. Volume action will usually show where the
phase began and ended.

As the move progresses you will often see a lateral move forming at a higher
level. Very often such a move will become a “Stepping Stone Confirming Count”
of the original count, Thus, as such a level forms, you can often get a timing
indication by watching the action of the stock as the potential count begins to
confirm the original count. A resumption could begin at such a point.

For longer term counts one should add his count to the exact low, or a point
about one-half way between the low and the count line. You will thus be
certain that the most conservative count is being used.

Counts are only points of Stop, Look and Listen, and should never be looked
upon as exact points of stopping or turning. Use them as projected points
where a turn could occur, and use the vertical line chart to show the action
as these points are approached.

In the case of a longer term count often the Last Point of Support (LPS) comes
at the original level of climax, and this level should be looked at first in
studying the longer term count. The climax itself indicated a reversal, with
the subsequent action being the forming of the cause for the next effect. For
the Last Point of Support (LPS) to come at such a level of climax usually makes
it a more valid count. Very often the climax Is preceded by preliminary
support and the Last Point of Support often occurs at the same level as the
preliminary support.

A #3 Spring or the Secondary test of a #2 Spring, quite often constitutes the

Sign of Strength and the Last Point of Support in the same action which is
reached at the same point and at the same time. Usually a Spring will be
followed by a more important Sign of Strength and the reaction following that
Sign of Strength is also a valid Last Point of Support.

Frequently, long term counts on three and five point charts are confirmed by
subsequent minor counts on the one point chart as the move progresses. Watch
for this confirmation very carefully as it often indicates when a move will
be resumed.

In case of three point or five point charts, the same count line should be used
as for the one point chart.

8-1
 COUNT GUIDE - POWN COUNT

After having seen a Sign of Weakness, locate the Last Point of Supply on a Rally
and count from right to left.

Detailed Count Guide - Down Count

After having identified a Sign of Weakness (SOW) on the vertical line chart,
locate the last point at which supply was met on a rally - the Last Point of
Supply - (LPSY). Locate this point on the figure chart also and count from
right-to-left, taking the most conservative count first and moving further to
the left as the move progresses.

In moving to the left, turn to the vertical line chart and divide the area of
distribution into phases - adding one complete phase at a time. Never add only
part of a phase to the count. Volume action will usually show where the phase
began and ended.

As the move progresses, you will often $ee a lateral move forming at a lower
level. Very often such a move will become a “Stepping Stone Confirming Count”
of the original count. Thus, as such a level forms, you can often get ax
indication by watching the action of the stock as the potential count begins to
confirm the original count. A resumption could begin at such a point.

For lonscerterm counts subtract the count from the exact high or a noint half
way between the high and the count line, You will then be certain ~hat the
most conservative count is being used.

Counts are only points of Stop, Look and Listen, and should never be looked upon
as exact points of stopping or turning. Use them as projected points where
a turn could occur, and use the vertical line chart to show the action as these
points are approached.

In the case of a longer term count, often the Last Point of Supply (LPSY) comes
at the original level of climax, and this level should be looked at first in
studying the longer term count. The climax itself indicated a reversal, with
the subsequent action being the forming of the cause for the next effect.
For the Last Point of Supply (LPSY) to come at such a level of climax usually
makes it a more valid count. Very often the climax is preceded by preliminary
supply and the Last Point of Supply often occurs at the same level as the
preliminary supply.

In the case of upthrust action, quite often the Sign of Weakness and the Last
Point of Supply are reached at the same point and at the same time - the upthrust
itself constitutes both. The upthrust indicates distribution has been going
on and, at the same time, this is an indication that this is the final attempt
to go up.

Frequently, long term counts on three and five point charts are confirmed by
subsequent minor counts on the one point chart as the move progresses. Watch
for this confirmation very carefully as they often indicate when a move will
be resumed.

In case of three point or five point charts, the same count line should be
used as for the one point chart.

8-2
90

80

70

60

50

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30

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# POINTS OBJECTIVE
10TO9= 33 POINTS = 57/62
10TO7= 63 POINTS = 87/92
80
10 TO 3a = 93 POINTS = 117/122
ABOVE COUNTS TAKEN FROM
$24 LINE (#13) AND $29 LINE (#10

COUNTS TAKEN FROM MIDPOINT

OF $26 TO PINPOINT OBJECTIVE:
70
10TO9= 33 POINTS = 59
10TO7= 63 POINTS = 89
10 TO 3a = 93 POINTS = 119
II
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53

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48

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 MONDAY, AUGUST 25, 196S
.
,,
.‘Wlm
.
.580
579- BASIC LECTURE 10
WYCKOFF WAVE
FIGURE CHANGES
5-PO I NT
CHART 1
2540 -45-25-40-
2530-35-20-30-
2515-20-15-20-
2505-10

1O-POINT
2530-40-20-30-
2510

25-POINT
.-

0. P. *-POINT
FIGURE CHANGES
TREND BAROMETER
580 PRINTED HERE

s96

588
0. P. ONE POINT
0 580

:)X 590 572

11 12 1 2 x x

ii 2960
J
x
x
xx 2928
‘; 580 xxii
xx ZX xxx 2896
x Xxxxxx x
555
2864

2832

2800

2768
560
2736

27o4
WAVE TIME OUR PRICE CHN VOL o-P ACT

OPEN I NG 2544& 2672

1. 10:20 20 2!537& -lo 1210 580.79 11 2640

2. 10:30 10 2548 H +1% ? 380 581.17 @
3. 10:45 2521 -27 550 580.62
4. 11:05 ;: +1 660 581.28 H ? 2608
5. 11:30 25 -1 1170 580.11 6
q 4 580.66 6i
6; 1;50 20 +1 Ov
7. 2:20 30 251 -1 3 :% 579.79 2576
8. 2:45 25 2530 +13 620 580.41 $
9. 1:05 20 2511 z -1 410 580.00
1:20 15 2520 + 8 270 580,27 :
2544
0.
1:30 25113 - 160 580.11 5
k 1:50 ;: 252 +8 i 380 2512
3. 2:25 35 2503 L -17 ml ?%:$ L ;~
4. 2:30 5 251 3 +7 300 579.91 9
2480
TOTAL VOLUME 8140
2448
NOTE : TAPE LATE IN PERIODS #l-3

2416

18

14
NON-SMI INDEXES
PRINTED HERE
10

6
6/6 20 7/3 18 8/1 15
1o-1
 FRIDAY, AUGUST 22, 1969

W!M19
BASIC LECTURE 10
,WT3

WAVE TIME DUR PRICE CHN VOL O-P ACT

OPEN 1NG 2519$

10:05 5 440
2 10:45 40 1890
578.66
580.55
L @
8
31D.4Y,

1’1
AUGUST
1
12
22,
I
1
1%9
I
2
MONOAY,
1
AUGUST 25,
I I
1969
I
11:20 35 1150 5K).40 64 11 12 1 2
:: 11:45 1 OXJ 580.45 7
I
I

5. 11:55 280 580.17 58i

BASIC LECTURE 10 6. 12:20 810 580.98 : .
7. 12:40 510 580.47 f
8. 1:05 9
581.31 % m
CHART 2 9. 1:35 900 580.41 5
10. 1:55 580.99 6
11. 2:o5 340 580.65 64
12. 2:30 1350 582.00 H 9

TOTAL VOLUME 10140

NOTE : TAPE LATE IN PERIODS #l-2 & 12

NOTE : THE WYCKOFF WAVE MONDAY, AUGIJST 25, 1969

MULTIPLICATION FACTORS ARE:

CHRYSLER WAVE TIME DuR PRICE CHN VOL O-P ACT

GEN ELEC :
IBM 2 OPENING 2!54Q
PENN-C 5.2
S OIL NJ 4 10:20 20 1210 5m.79 11
UN CARB 6 ;: 10:30 10 3Eo .581.17 e
U AIRL 6 3. 10:45 550 580.62 8
US STEEL 8 40 11:05 ;; 660 581.28 H 7*
5. 11:30 25 1170 580.11
6. 11:50 20 550 580.66 ‘%
6Z
7. 12:20 30 870 ~.79
8; 12:45 25 620 580.41 a
9. 1:05 20 410 5EKI.00 5
10. 1:20 15 270 580.27 5 10 —
11. 1:30 160 ,580.11 5
12. ;: 302 580.49
13. ;:2: 35 8E0 ~.61 L ~
14. 2:30 5 3m 5m.91

TOTAL VOLLNIE 8410

11 12 1 2 11 12 1 2“
NOTE : TAPE LATE IN PERIODS #l-3
. . .
.~j19 2j2 16 3/1 15 29 41n 26 5/10 24 6/7 z~ 7/3 19 8/2 16 30 9/1:5 ?7 10/11 :“ :1/’b

10-3
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10-5
 lUESDAY> JULY 29, 1%9

WAVE TIME OUR PRICE Cm VOL O-P ACT BASIC LECTURE 10

OPENING 23 99+
m’
CHART 6
10:10 102393 L-6 690 563.58 L 11
;: 11:30 80 2461 H 5550 569.13 H 11
3. 12:30 60 241 2i#0 566.43
4. 12:40 10 2432 +16 330 566.76
5. 1:15 35 240 -23 1260 565.5o 1
1:25 10 241 + 370 565,87 8
;: 1:4 15 2406 -12 ~ 565.33 8
8. 2:00 20 2419 +13 680 566.01 @ TtUJRsDAY, JULY~l, 1969
9. 2:30 30 2397 11 -22 1510 564,50 10

TOTAL VOLUME 13630 WAVE TIME OUR PRICE CHN VOL O-P ACT
NOTE : TAPE LATE IN PERIODS #l-3 & 9 OPENING 24163

10:40 ~ yg +36 3020 566.22 124

1: 11:00 1200 565.02 11
WEDNESDAY> JJLY 30). 1969 11:25 25 244 ;! 1430 %6.45 10
:: 11:55 30 2427k‘f -21 1~ %4..88 L 9
5. 12:15 20 2447
WAVE TIME OUR FI?ICE CHN VOL O-P ACT $“ 12:30 15 2@3~ ~ ;X ~;:~ ;
● 1:10 g :45? +1 1430 566.58 d
OPENING 238X 1:20 -11 4 480 566.10 6
:: 1:50 20 2467 +26 980 567.0s
11:30 90 2346 L -51 5220 559.28 L 10 ~;” 2:00 10 245 -11 410 %6.67 3
;: 12:15 45 ?279~ i +33 2710 561.99 lC$ ,2” 2:10 10 2472 H +16 @o 567,30 H 10
3. 12:45 30 23 -22 1160 !%0.03 . 2:20 10 2461 -10 810 566.49 1
4. 1:50 65 243 +73 35@ 564.37 H 10 13* 2:30 10 246 1! + 6 ~ 567.26 12?
5. 2:05 15 24)9 -21 900 563.47 11
6. 2:20 15 243% +26 890 564.36 11 t TOTAL VOLUME 14160
7. 2:30 10 24161T
~1 -19 1160 563.20 18
NOTE : TAPE LATE IN PER 10DS #1 -4 & 11-13
TOTAL VOLUME 15580

NOTE: TAPE LATE IN PERIODS #l-7

BASIC LECTURE 10 BASIC LECTURE 10

DIVERGENCE DIVERGENCE
CHART 7 CHART 8

OPTIMISM-PESSIMISM INDEX

I OPTIMISM-PESSIMISM INDEX
I I

WYCKOFF WAVE
WYCKOFF WAVE

BASIC LECTURE 10 BASIC LECTURE 10 DIVERGENCE

DIVERGENCE
CHART 9 CHART 10 OPTIMISM-PESSIMISM INDEX

OPTIMISM-PESSIMISM INDEX

WYCKOFF WAVE
WYCKOFF WAVE

10-6
 BASIC LECTURE 10 INHARMONIOUS BASIC LECTURE 10 INHARMONIOUS’
ACTION ACTION
CHART 11 CHART 12

OPTIMISM-PESSIMISM INDEX OPTIMISM-PESSIMISM INDEX

,,
imllm

WYCKOFF WAVE
..

WYCKOFF WAVE

BASIC LECTURE 10 INHARMONIOUS BASIC LECTURE 10 INWONIOUS

ACTION CHART 14 ACTION
CHART 13

OPTIMISM-PESSIMISM INDEX OPTIMISM-PESSIMISM INDEX

;
I WYCKOFF WAVE
cJWYCKOFF WAVE

BASIC LECTURE 10
OPTIMISM-PESSIMISM INDEX
CHART 15

Millm

WYCKOFF WAVE
ebr”arv 1, 1958 .ebtuary >, lQFH e->ruar, 5, 1’46? ebr.”arv ‘. 1968 .e>, .uar , ~L , ,,

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16
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 TUESDAY, FEBRUARY 13, 1968 TUESDAYI MARCH 51 1968

WAVE TIME OUR PRICE CHN VOL o-P ACT WAVE TIME bUR PRICE CHN VOL o-P ACT

OPEN I NG OPEN I NG 2590-&

10:15 15 2673& +1 1 1360 419.93 11 1. 10:10 2592S :, y 820 430.65 ,12

;: 10:20 5 2665 -+ 460 ,419.47 17 10:20 2580 710 429.94 13
3. 10:30 10 2679 H+14 570 $2$%4 H12 i $: 10:40 2602 +22 7“m 430.69 12
4. 10:W 10 ~7;& ;19 510 16 4. 10:50 10 2593 - 9 330 430.36 11+
11 431.24H 11
5. 11:10 30 1390 y8:g2 13 5. 11:15 25 2613q +20 880
6. 12:00 50 2655k -22-‘1 2190 4 6. 11:25 340 430.90 1
;q H ; ‘$
7. 12:15 2662: + 7-!+ 490 419:22 9 7. 11:35 320 431.22 1
-121 4
8. 12:40 2650~ 740 418.48 9 13. 11:50 2603~ -1 3 430 430.79 1
9. 12:X) 265% + 290 418.77 El 9. 12:00 2611 +8 250 431.04 1
4 10. 12:45 2592 -193 1230 4.29. Eil
10. 1:05 2644V -11 430 416.34 B 3
20 ; +1 o i 370
11. 1:15 2654? +1 o 290 418.63 11. 1:05 2602X 430.18 6
12. 1:55 2635- L -18 1520 417.11 L 1; 12. 1:20 15 2597- - 5 340 429.e4 6+
I 13. 1:35 15 2602~ + * 310 430.15 6
13. 2:00 2643$ + ag 590 417.70 2J
~2j
14. 2:30 55 2570K 1880 428.27 L 1d
15. 2:45 15 2581 470 428.74 10
WEDNESDAY, FEBRUARY 14, 1968
16. 3:00 15 350 428.39
17. 3:30 30 =t L ?Ji 142o 429.81 17
WAVE TIME OUR PRICE CHN VOL o-P ACT

10:05 5 26332 -10 WEDNESDAY, MARCH 6, 1968

L 390 417.31 L jj~
;: 10:40 35 2657% +23? 2250 419.56

WAVE TIME DUR PRICE CHN VOL O-P ACT

12:15 OPENING 2607~ L

6. 10 26623 + ?; 350 420:19 -
7. 12:40 25 2636$ -26 1080 419.11 1;
8. 2:00 80 2667; H +31
10:40 40 26284 $6 2150 431.96 12
3720 422:83 Hll t ;: 10:W 10 2609- 450 ~].::L 12
3. 11:00 2623$ +14 370 10+
WEDNESDAY, FEBRUARY 21, 1968 4
5.
11:10
11:40
R
30
2612
2630~
-11+
+18
330
990
431:55
432.54
10
cl+
6. 11:50 10 2620 -10 270 432.27 8Z
WAVE TIME OUR PRICE CHN VOL o-P ACT 7. 12:00 10 1
240 432.51 7
12:15 15 ~7i !;; 350 432.16 C
OPEN I NG % 12:25 10 2627# + 9-q 24.0 432 ● 4O 74
10. 12:35 10 2617 -lo? 200 432.20 7
11:15 75 3B60 434.76 Hll~ 11. 1:35 60 2643+ f: 1070 433.27 6
I
A: 11:30 15 510 434.25 10 12. 2:05 30 2630 620 432.65
3. 11:45 15 510 434.76 H 10 13. 3:30 85 i 2620
2669$ tt+39~ 435.27 H ~
4. 11:55 10 320 434.44 9$
5. 12:05 10 290 434,3 “9 TtlJRSDAY, MARCH 7, 1968
6. 12:15 10 280 434.45 9
7. 12:30 15 360 434.81 8
6. 12:55 25 434.07 7 WAVE TIME DUR PRICE CHN VOL O-P ACT
9. 1:10 15 ;~ 434.46 “7
10. 1:25 15 280 434.08 74 OPEN I NG 2680$
240

!
11. 1:35 2721 + 7 434.32
12. 1:55 ;: 2706 L -14$ 700 433.62 L 1:+ 10:10 10 26823 H +122 780 436.05’H 11
13. 2:00 5 2714z + 8 590 434.21 15 ;: 11:15 65 2636 -d 2=0 433.52 114

4
3. 11 ;45 2656$ +2 800 434:40 8%
FRIDAY. FEBRUARY 23. 1968 4. 12:50 26353 L -2 1320 433.08 L 6
5. 1:55 2659 +23y 1;:: 434.31 $
2:40 26Ed . 433.60 5
WAVE TIME WR PRICE CHN VOL O-P ACT % 2:50 2654 ;15 160 433.76 6
8. 3:15 2640 470 433.29 7
OPENING 2721 3:25 2651 +1 ? ~ 433.54 8
1:: 3:30 2641~ ! - 9K $% 433.24 9
1. 10:25 25 272X H+ll’ 1890 436.10 H:;~
20 -, 6T 850
2. 10:45 2709$ 435.25 FRIDAY, MARCH 8, 1968
3. 11:05 20 2720 +1 830 4.36.08 10$
4. 11:25 20 2707; -124 650 4s5.43 10
5. 11:40 15 2717. + 9$ 490 435.92 9 WAVE TIME DUR PRICE CHN VOL O-P ACT
6. 12:20 40 2697 -20 1240 43:.:3 9
7. 12:40 20 2706$ + 9+ 520 OPENING 26424
e. 1:00 20 2694 -121 550 434:65 L6
9. 1:15 15 2701 f + 79 330 434.98 10:10 26465 :1 p 620 433.86 11
10. 1:30 - 71j 310 434.67 ;: 10:25 263 420 433.44 6
11. 1:50 :; 2 +1 1 520 435.19 3. 10:35 2643 +8 340 433.78 8
12. 1:55 5 2693 L -11 200 434.99 1;! 4. 10:45 2636 240 433.54 7
2:00 5 2? $ 430 15 2644 +-% 8
13. 269% + 6 435.42 5. 10:55 250 433.79 7 $,
1
6. 11:10 262? 4 380 433.41
7. :;:2J 263 ;’5 220 433.63 ;+
WEDNESDAY, FE8RUARY 28, 1968 8. 2622 ‘ -12? 420 433.21 7
&o 26311 + 9 240 433.45
1:: 12:15 2623 ~ ~.$)) L 6
%
WAVE TIME OUR PRICE CHN VOL O-P ACT “% z~
11. 1:00 2633 +1 5
12. 1:15 262% - 8 190 433:60
OPENING 2708&
13. 2:10 2643 +17% 1090 434.69 3
H :1 140 2:25 26388 H; ; 260 434.43
10:25 25 2R2+ H ~\2’ 1 760 437.91
570 15. 2:45 264 340 434.77 H ;
:: 10:40 15 2710 3 437.34 d
16. 3:20 2633 -13 680 434.09 6
3: 10;50 10 271 +7 330 437.67 9
220 17. 3:30 26371{ + 3 500 434.59 1d
4. 11:30 40 26 -20
5. 11:40 10 4
2707 -I. 8 300 Z::% $
11:55 15 2694 -12 420 FRIDAY, MARCH 22, 1968
6. 436.33
7. 12,05 10 2702 + I 240 436.57 7
8: 1:10 65 2683 -1 290 435.28
20 2692 ? WAVE TIME OUR PRICE CHN VOL o-P ACT
9. 1:30 435.80
10. 1:55 25 266 L & % 434.93 ‘ 10
500 15 OPEN I NG 2647$
11. 2:00 5 26774$ + 435.43
10:15 2641 - 3 980 434.76 10
k 10:30 265 +13 470 435.23 $
3. 11:30 2629 L -2 1800 433.43 L ~
EASIC LECTURE 10 4. 11:55 2646 +16 810 434.24 @
5. 12:05 26334? -12 260 433.98 8
lim 264 +14 570 74
CHART 17 6. 12:25 434.55
7. 12:35 2640 - 7 1BO 434.37 6
1:00 2692 H +51 1370 435.74 H 1
:: 1:55 265 -3 11.10 434.63
2;45 2680 +25 1060 435.69 36
;?: 3:20 2654 -26 800 434.89’
12. 3:30 266 if +11 490 435.38 Ii
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