Foundations of Technical Analysis: What are the assumptions?

(1) Price is determined solely by the interaction of supply & demand

(2) Supply and demand are governed by numerous factors both
rational and irrational. The market continually and automatically
weighs all these factors. (A random walker would have no qualms
about this assumption either. He would point out that any irrational
factors are just as likely to be one side of the market as on the other.)

(3) Disregarding minor fluctuations in the market, stock prices tend
to move in trends which persist for an appreciable length of time. (
Random walker would disagree with this statement. For any trend to
persist there has to be some collective 'irrationality')

(4) Changes in trend are caused by shifts in demand and supply.
These shifts no matter why they occur, can be detected sooner or
later in the action of the market itself. (In the financial economist's
view the market (through the price) will instantaneously reflect any
shifts in the demand and supply.

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