+7 495 989 9610, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Finance and Credit

The concept and characteristics of price trend identification in the stock market

Vol. 23, Iss. 44, NOVEMBER 2017

PDF  Article PDF Version

Received: 4 October 2017

Received in revised form: 18 October 2017

Accepted: 1 November 2017

Available online: 29 November 2017

Subject Heading: Securities market

JEL Classification: G10, G11, G14, G17

Pages: 2663–2680


Dorofeev M.L. Plekhanov Russian University of Economics, Moscow, Russian Federation

Importance The subject of this research is the modern concept of Trend and particularities of its determination.
Objectives The paper aims to conduct a comparative analysis of the Trend definitions. Also, the paper assesses the strengths, weaknesses and practical relevance of these definitions considering a concrete stock as a case study.
Methods The study involves the methods of analysis and synthesis by Ch. Dow and R.N. Elliott.
Results One of the results is a systematization of Price Trend definitions. The study provides a SWOT analysis of an ordinary share of the Magnitogorsk Iron and Steel Company (MISC).
Conclusions and Relevance The obtained results can be used for further development of technical analysis research. The results can be useful to traders. The Dow theory gives the most preferable concept of Trend.

Keywords: trend, technical analysis, Dow theory, Elliott wave principle, share


  1. Edwards R.D., Bassetti W.H.C., Magee J. Technical Analysis of Stock Trends. 10th ed. London, New York, CRS Press, Amakom, 2012, 624 p.
  2. Murphy J.J. Tekhnicheskii analiz f'yuchersnykh rynkov: teoriya i praktika [Technical Analysis of the Futures Markets: A Comprehensive Guide to Trading Methods and Applications]. Moscow, Sokol Publ., 1996, 608 p. URL: Link
  3. Murphy J.J. Mezhrynochnyi tekhnicheskii analiz. Torgovye strategii dlya mirovykh rynkov aktsii, obligatsii, tovarov i valyut [Intermarket Technical Analysis. Trading Strategies for the Global Stock, Bond, Commodity, and Currency Markets]. Moscow, Diagramma Publ., 1999, 317 p.
  4. Luka K. Primenenie tekhnicheskogo analiza na mirovom valyutnom rynke FOREX [Application of the technical analysis on the world exchange market FOREX]. Moscow, Evro Publ., 2003, 414 p.
  5. Akelis S.B. Tekhnicheskii analiz ot A do Ya [Technical analysis all the way from A to Z]. Moscow, Diagramma Publ., 1999, 235 p. URL: Link
  6. Tvardovskii V., Parshikov S. Sekrety birzhevoi torgovli. Torgovlya aktsiyami na fondovykh birzhakh [Secrets of open trade. Stock trade on the securities market]. Moscow, Al'pina Pablisher Publ., 2010, 551 p. URL: Link
  7. Williams L. Dolgosrochnye sekrety kratkosrochnoi torgovli [Long-Term Secrets of Short-Term Trade]. St. Petersburg, Piter Publ., 2009, 256 p. URL: Link
  8. Schwager Jack D. Tekhnicheskii analiz. Polnyi kurs [Technical Analysis]. Moscow, Al'pina Pablisher Publ., 2017, 802 p. URL: Link
  9. Schabacker R.W. Technical Analysis and Stock Market Profits. The Real Bible of Technical Analysis. Petersfield, Hampshire, Harriman House Ltd., 2005, 472 p. URL: Link
  10. Farley A.S. The Master Swing Trader: Tools and Techniques to Profit from Outstanding Short-Term Trading Opportunities. New York, McGraw-Hill, 2001, 323 p.
  11. Farley A.S. The Master Swing Trader Toolkit: The Market Survival Guide. New York, McGraw-Hill, 2010, 441 p.
  12. Little L.A. Trend Trading Set-Ups: Entering and Exiting Trends for Maximum Profit. New York, McGraw-Hill, 2012, 272 p. URL: Link
  13. Pring M.J. Martin Pring on Price Patterns. The Definitive Guide to Price Pattern Analysis and Interpretation. New York, McGraw-Hill, 2004, 350 p.
  14. Pring M.J. Technical Analysis Explained. The Successful Investor's Guide to Spotting Investment Trends and Turning Points. New York, McGraw-Hill, 2014, 816 p.
  15. Ross J. Trading by the Minute. Freeport, Trading Educators, 1990, 354 p.
  16. Ross J. Trading by the Book. California, Ross Trading Inc., 2000, 376 p.
  17. Ross J. Trading the Ross Hook. California, Ross Trading Inc., 2000, 358 p.
  18. Frost A.J., Prechter R.R. Volnovoi printsip Elliota. Klyuch k povedeniyu (ponimaniyu) rynka [Key to Market Behavior]. Moscow, Al'pina Pablisher Publ., 2012, 269 p. URL: Link
  19. Voznyi D. Kod Elliotta: volnovoi analiz rynka FOREX [Elliott's code: wave market analysis]. Moscow, OMEGA-L, 2006, 240 p. URL: Link
  20. Balan R. Volnovoi printsip Elliota. Prilozhenie k rynkam FOREKS [Elliott's wave principle. Application to FOREX markets]. London, BBS Publications Ltd., 1989, 109 p. URL: Link

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 27, Iss. 12
December 2021