correction etc.) via past price data. He also made use of volume data (which he estimated from how stocks behaved and via 'market testing', a process of testing market liquidity via sending in small market orders), as described in his 1940s book. Quotation board Another form of technical analysis used so far was via interpretation of stock market data contained in quotation boards, that in the times before electronic screens, were huge chalkboards located in the stock exchanges, with data of the main financial assets listed on exchanges for analysis of their movements. It was manually updated with chalk, with the updates regarding some of these data being transmitted to environments outside of exchanges (such as brokerage houses, bucket shops, etc.) via the aforementioned tape, telegraph, telephone and later telex. This analysis tool was used both, on the spot, mainly by market professionals, as well as by general public through the printed versions in newspapers showing the data of the negotiations of the previous day, for swing and position trades. Charting terms and indicators Concepts Average true rangeaveraged daily trading range, adjusted for price gaps. Breakoutthe concept whereby prices forcefully penetrate an area of prior support or resistance, usually, but not always, accompanied by an increase in volume. Chart patterndistinctive pattern created by the movement of security or commodity prices on a chart Cyclestime targets for potential change in price action (price only moves up, down, or sideways) Dead cat bouncethe phenomenon whereby a spectacular decline in the price of a stock is immediately followed by a moderate and temporary rise before resuming its downward movement Elliott wave principle and the golden ratio to calculate successive price movements and retracements Fibonacci ratiosused as a guide to determine support and resistance and retracement percentages Momentumthe rate of price change Point and figure analysisA priced-based analytical approach employing numerical filters which may incorporate time references, though ignores time entirely in its construction Resistancea price level that may prompt a net increase of selling activity Supporta price level that may prompt a net increase of buying activity Trendingthe phenomenon by which price movement tends to persist in one direction for an extended period of time Types of charts Candlestick chartOf Japanese origin and similar to OHLC, candlesticks widen and fill the interval between the open and close prices to emphasize the open/close relationship. In the West, often black or red candle bodies represent