All Stocks, 1962 to 1966 Entire 55,969 274 268 72 99 182 144 288 329 326 342 Sim. GBM 55,969 69 63 163 123 137 149 24 22 77 90 t~ ' ! — 129 99 10 23 104 98 115 136 96 210 t~ ; ! — 83 103 48 51 37 23 101 116 144 64 All Stocks, 1967 to 1971 Entire 60,563 115 120 104 123 227 171 65 83 196 200 Sim. GBM 60,563 58 61 194 184 181 188 9 8 90 83 t~ ' ! — 61 29 15 40 127 123 26 39 49 137 t~ ; ! —24577151451925168617 All Stocks, 1972 to 1976 Entire 51,446 34 30 14 30 29 28 51 55 55 58 Sim. GBM 51,446 32 37 115 113 107 110 5 6 46 46 t~ ' ! —540 4 5712 8 3 8 t~ ; ! —871 2 20 512 8 3 All Stocks, 1977 to 1981 Entire 61,972 56 53 41 36 52 73 57 65 89 96 Sim. GBM 61,972 90 84 236 165 176 212 19 19 110 98 t~ ' ! —771 2 481212 7 9 t~ ; ! —665 1 40 5 8 7 6 All Stocks, 1982 to 1986 Entire 61,110 71 64 46 44 97 107 109 115 120 97 Sim. GBM 61,110 86 90 162 168 147 174 23 21 97 98 t~ ' ! — 37 19 8 14 46 58 45 52 40 48 t~ ; ! —21252418262242423824 All Stocks, 1987 to 1991 Entire 60,862 158 120 50 61 120 109 265 312 177 155 Sim. GBM 60,862 59 57 229 187 205 244 7 7 79 88 t~ ' ! — 79 46 11 19 73 69 130 140 50 69 t~ ; ! — 58 56 33 30 26 28 100 122 89 55 All Stocks, 1992 to 1996 Entire 59,088 211 162 87 115 143 157 299 361 245 199 Sim. GBM 59,088 40 55 198 199 216 232 9 8 68 76 t~ ' ! — 90 64 24 31 70 97 148 163 94 99 t~ ; ! — 84 71 52 56 45 33 113 145 102 60 Foundations of Technical Analysis 1735 (a) (b) Figure 8. Distribution of patterns in NYSE/AMEX sample. 1736 The Journal of Finance (c) (d) Figure 8. Continued Foundations of Technical Analysis 1737 ~e! (f) Figure 8. Continued 1738 The Journal of Finance (g) (h) Figure 8. Continued Foundations of Technical Analysis 1739 (i) (j) Figure 8. Continued 1740 The Journal of Finance (a) (b) Figure 9. Distribution of patterns in Nasdaq sample. Foundations of Technical Analysis 1741 (c) (d) Figure 9. Continued 1742 The Journal of Finance (e) (f) Figure 9. Continued Foundations of Technical Analysis 1743 (g) (h) Figure 9. Continued 1744 The Journal of Finance . 40 55 198 199 216 232 9 8 68 76 t~ ' ! — 90 64 24 31 70 97 148 163 94 99 t~ ; ! — 84 71 52 56 45 33 113 145 102 60 Foundations of Technical Analysis 1735 (a) (b) Figure 8. Distribution of. 55,969 2 74 268 72 99 182 144 288 329 326 342 Sim. GBM 55,969 69 63 163 123 137 149 24 22 77 90 t~ ' ! — 129 99 10 23 1 04 98 115 136 96 210 t~ ; ! — 83 103 48 51 37 23 101 116 144 64 All Stocks,. 107 109 115 120 97 Sim. GBM 61,110 86 90 162 168 147 1 74 23 21 97 98 t~ ' ! — 37 19 8 14 46 58 45 52 40 48 t~ ; ! —2125 241 8262 242 4238 24 All Stocks, 1987 to 1991 Entire 60,862 158 120 50 61