The correct method for tracking the stock market is to use semilogarithmic chart paper, since the market's history is sensibly related only on a percentage basis. The investor is concerned with percentage gain or loss, not the number of points traveled in a market average.
For instance, ten points in the DJIA in 1980 meant nothing, a one percent move. In the early 1920s, ten points meant a ten percent move, quite a bit more important.
For ease of charting, however, we suggest using semilog scale only for long term plots, where the difference is especially noticeable. Arithmetic scale is quite acceptable for tracking hourly waves since a 300 point rally with the DJIA at 5000 is not much different in percentage terms from a 300 point rally with the DJIA at 6000. Thus, channeling techniques work acceptably well on arithmetic scale with shorter term moves.
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