According to Dow theory, the long-run direction of the stock market is seen in the:

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According to Dow theory, the primary trend is the most important and long-term trend in the stock market. The primary trend defines the main direction of the market for an extended period, typically lasting one to several years. The daily market movements (option A), secondary reaction (option B), MSI trend (option C), and tertiary trend (option E) are all short-term or intermediate trends that have less significance than the primary trend.

According to Dow Theory, the Long-Run Direction of the Stock