{PDF} The History of Technical Analysis Buff Dormeier

This Element is an excerpt from Investing
with Volume Analysis: Identify, Follow, and Profit from Trends
(9780137085507) by Buff Dormeier. Available in print and digital
formats.

The deep historical roots of technical
analysis: how investors discovered the indispensable profit
opportunities hidden in charts

Most investors assume fundamental analysis
preceded technical analysis. That appears logical: It takes two
opposite opinions to produce a price, and a series of prices
creates the chart. But this logic presupposes that prices were
exchanged based upon the items fundamental value alone.
However, behavior may be as much a part of the price equation as
value.