Hypothesis of Dow Theory: the daily trend/secondary reactions might be manipulated, but the primary trend does not
2nd hypothesis of dow theory: the averages discount everything. Everything a person knows/his feelings will be reflected in the prices of Dow Jones Industrial Indexes etc
The price of the market does not just flow randomly, it represents the people who have the news and knowledge and adjusts according to their foresights
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Hypothesis of Dow Theory: the daily trend/secondary reactions might be manipulated, but the primary trend does not
Fractal theory posits that the daily patterns looks like the long term. If there is a way to differentiate what happens only on the daily and not the long term, there might be predictive value to this observation.