InfoMoney :: Anlise Tcnica: os seis fundamentos que norteiam a Teoria de Dow Page 1 of 2

!"" # " $$% "#

& " "
& "
#$%& &" ' "&
""$ " ! ( $) "! $ *
*" $
%& & ! $ + , - # $ "
.$ " ) "" "" $ $ %& &" "
) " "$! ! & & $ /

& $ "$ ) ( $ # $
% " "
$"#& & " $ *" $%& &#
& # " ( "
0 & "/ "" #
" 1 2 3#0 "% 0
" *" $%& & $ & /

4 55 # ' "
$ $ & 6 "7 -2 3
& $ ( 8 $ $! *" $%& &/
" & & & ( 2 39 "+ "$ ) # "! &! ": &" ) *) #
8 $ $9 # ;& <" & "#2 3 & $ ) $ " <"/

6 => "# > # "! " &"<" "

$$:"
$&"" ?"
$ ;& && " &
&!$ "
/6 "$ $ " "
# $;"$ ; & "
/ # ! " #
$ & ! * # & !"$ "& * $ &* /

"@ " #2 3 & ? ! " " " $ "" & $"&$ " $
! : "$ / ! &$ " ! " $ & "! &
:! " *"& 1 23

2 & & ""

$ " 2 3# & & * ! " ) $;"$ ; & "
#"

* "$*% ! &! $ ; & * &#& & & ! /1 ( :

#& " ! & * $
% " # &"$ ! " $ A $B C$D ?B
C$ D "! " E
& * ! " $ $ !( $ ! * $ ;& ! * # "'# " & (
$ ; & ! &! B % ! D / ( #% $0 ""3 $ " $ & # "&
"
& < "" "B$;"" "$ %$;" "" D/ 2 3#& FFA $%GGA $ ) $
* H! " & 1 4 $$ #0 ) /
1 &* " $ I &#& "" $ ! $ ! * $ ; & "& * / 4"$$ ( ! &"
"$ %$;"" "B&$ :
"" J & $! D #& ! #! &! $ " * &" $ -
# "$
"
3 $ " " "
") " " -$ "/

! "
$ # $ ; & ! &! & & I& & ! $ $# & $ $
!"& I & $ /4 $ ;& $ ! * # "$;" """
( ! " $ "!

& ( % " $ " " " #! " 0 "! " " $

( " ) " ( "
! $ & $I &/ K "$! : #( * & $" "$ & ) # "%! " ":
) ) & & "$
(
$ ? ! / " $ :& "! "" "
$" & #$ & " " )" $ "/
+:& $ ;& & )$ & ! # " & "$%& &" & " " : )"
" ) "#"" & $! " ") ( " "/ K"$ ! $# "$" $ 3 ") ( L"
& ! " # ) ) & $ ;& $ & / !. & ) 0 0
) $ ) *) "! " #$ ) $ /
4"$ $ ; & !I" ! " "
(& ! " " " ""!& " $"# & & $#
0 "
" )"$ " ( 0 ! / M "$ $0 * " $ $ ;& $#& "
! " ) ) & " ) $/ K "$ $ !# " " "$"& ! " 0
" "! " < " )" $ ) ( ? & # :
& L$ ; & ?/

4 $ ;& ?# " """ " $ I&

( !""
$ $ ; & # "! " & :)" "$
I &"#$ $ " " "
$"/
6 % $# " $" ) )(" " $/
N& ! " "! " < ") " "! " " " & #0 "
I $L 0 ! $ $"
"! $" )
( " ! "#& & $ ; & "& * # " $/ K "
$
$# "$" $ 3 ""$
( ' $ $) "
# " $ ! 0 ( " & $

http://www.infomoney.com.br/mercados/noticia/2028781 10/05/2011
InfoMoney :: Anlise Tcnica: os seis fundamentos que norteiam a Teoria de Dow Page 2 of 2

"! - " ! $ & ! $ ;& ! * ) $#$ !N &/ ! $ " $ ! $# )

&"&& " ) $# 0 # $" # $) & /
2 "& ( !I" & $# $ $% " C$# & ! $) #'
*0
" )" $ " 0 " !"( "0 & 0 "$
* ! "& ! ( & $ ! ':
$ ! : / 6 %& $ # "! ")( & ) " $# $
% "
$ # & #
) $# " & (/

# $
2 3# " ! &
$" < "& ! $)" & O &""
( &! " $ $! ! #
& !I$" &; & & " &/

% "
P 23 " "! &:
!" # & $ & $ "& $ ! $)
"
$ # " $) "0 & 2 3 9 "+ "
$ ) /6 & % ! "
! "" "$ "
$ # "I ) 0 & ! " ! : &! $ " )"
$ $"
"/

4 $ $ $# " " " $ ! & ."$ ! $ & * $ ;& (

& ) & $ ! 2 3# ) &"" $ ! N $ ! & ! (/ ."
$ & &
& "4 # ' "$& & &" ( " & "$ "
$ "
$*& "
& #"$(
! "E" "
$) ! "
# * &"" $ $ "
! $ ! $/

! $ "$ I &#2 3 & $ 2 3 9 "1 "! $$ ) $ & (" ! ) " "

! <"# ) 0 ! " $) % "! &! " ! "" $ "
! $" %! &/ " ": &"
& * ""$)"" ! $ ! " (# ) $ ;& $J ? & ""$ $ & #
" *) " ! / ) ;& ) " & & $! $ ;&
) $/

6 " "
$ & &$ 0 " % "" ( ; & & *) ! &!( & # "
! &:
! 0 Q" % " "& $ $ Q# ) 0 $ "& )&< " $ " "! - "
/ 2" $
(#
" % " I) " ) ""$!" "$ " $ % '"
( $ "& 0;& & ! N $ "! $
""$;& # % ) & & "
$$ % & $ " % " /

&
2 3#! 0 $ ; & "' & # * &"" 0 "' & ! ! $
& "&$) ) # $"
$ & ! $ $ & & $ ) $/

"" # $ ;& ?#! ? !# "* $ & (

$ ; & ! &! B ?D
# ) #" ' "
$# )"( & / " $ !# "
$ &"#
) )& " !0 " $/

' ! " ( )
" :" & & * #2 3 & " "! &
:! "! & &$
$ ;& / "" $ "#" $ & $ ! & $! $ & &
$
$ ;& /

*+ $,
," " & *" $
%& & &*""&# 1 23 )& " $ $ &:
$&" "! I "
/ 4$
"! &! "
# $ ( "" " )" ( $ ) "' "
$0 /

2 $! ?#! ? ! # "! " ) $! " " "

& $"
#" "#" "
$ "
) "" ) "" "" $# & 0 )"$ ! &&& @A $ ) $/

6 $ # ! " " 0 ) % $ ! $ $ $ $ ;& ! & ( "

) $" ! # "
" & & &$ ( L" % "# "
( $ "& 0;& $
*" $
%& & "
( ) " ! <"
/

http://www.infomoney.com.br/mercados/noticia/2028781 10/05/2011