Alanpuri Trading, Los Angeles, 2023, Softcover, exact facsimile of the 1953 edition (27pp.) and the earlier 1952 edition (20pp.) originally self-published by F. (Frank) Payson Todd (1907-1990), 47pp. 

This includes the 1953 Edition and the annotated 1952 Edition. While the majority of the content is almost identical we’ve included the 1952 Edition as an additional reference.

Summary: Early title on Wave Theory, Market Measurement and Price Protection by F. Payson Todd.

While this is an interesting historical piece on the concepts above, it’s also a cautionary tale on traders and financial authors who get it all completely wrong.  Published in 1952 and 1953 when the Dow was at 280, Todd projects that the Dow will hit 555 by 1973. In reality, the Dow hit 555 in 1958 just 5 years later and 15 years prior to his sophisticated timing projection.  It’s a fun historical read to gain insight on how wave theorist of the 40s and 50s were thinking, but unfortunately the projections were absent the variables to factor in levels of irrational exuberance (the Dow rose 43% in 1954). 

Introduction by Author: During the past quarter century of stock market research, this office has continuously studied methods of analysis by which price trends could be projected in advance. Such efforts have for the most part fallen into categories of – TIME – PRICE and VOLUME. This particular study shows how the rise and fall of stock market trends conform to a rhythmic series of price patterns. The following charts and pages disclose the conclusions to which we came in regard to our measurement under our “TODD THEORY,” and depict the manner in which the market, as measured by the Dow-Jones Industrial (printed) Average, has responded to our calculations.   

1953 Edition Contents: Introduction, Key to Terminology, 1. Phases, 2. Legs, 3. Waves, 4. Wavelets, 5. Movements — Price Projection Formula, Reverse Head and Shoulders Pattern, Controversial Interpretations, Examples shown using Dow Jones Industrial Averages, (from the Introduction) During the past quarter century of stock market research, this office has continuously studied methods of analysis by which Price Trends could be projected in advance. Such efforts have for the most part fallen into the categories of Time, Price and Volume. This particular study shows how the rise and fall of stock market trends conform to a rhythmic series of Price Patterns. The following charts and pages disclose the conclusions to which we came in regard to our measurements under The Wave Theory, and depict the manner in which the market has responded to our calculations, additional marketing material by Todd (3 pp.) — end. 27 pp. 

1952 Edition Contents: Introduction, Key to Terminology, 1. Phases, 2. Legs, 3. Waves, 4. Wavelets, 5. Movements — Price Projection Formula, Reverse Head and Shoulders Pattern, Controversial Interpretations, Examples shown using Dow Jones Industrial Averages — end. 20 pp.

ISBN 10: 1945574828

ISBN 13: 9781945574825