At the level of the Primary Trend, financial markets cannot be artificially manipulated; at the level of Secondary Reactions, financial markets may be subject to partial influence from artificial manipulation; at the level of Daily Fluctuations, financial markets may be significantly influenced by artificial manipulation.  

This theorem of Dow's is an extremely important investment principle. For investors, it might even be considered one of the most critical theorems. The determination of whether an investment market can be artificially manipulated serves as a dividing line between different types of investors. When an investor believes the market is manipulated, it becomes impossible for them to truly master any investment trading technique, regardless of the investment philosophy behind it. This is because the foundation of any truly effective investment technique lies in the investor's ability to effectively control their own psychological weaknesses. When an investor believes the market is manipulated, it indicates they are already entirely controlled by their psychological weaknesses. Thus, when an investor believes the market is manipulated, it superficially shows a loss of confidence in overcoming the external "market," but in essence, it reflects a loss of confidence in overcoming the internal "self." Such investors are bound to fail as ultimate winners in the market.  

Dow's theorem also indirectly proposes two key principles of investment analysis:  

1. The decomposition of market price fluctuations' structural components should use "non-manipulability of the market" as a critical criterion. Correctly separating the structural components of market price fluctuations and then adopting different operational strategies for different components is a pivotal step in any successful investment method. Dow's theorem raised this issue 100 years ago and provided a clear and effective measurement scale for structural analysis of price fluctuations—a remarkable achievement.  

2. The design of investment trading strategies should be based on "non-manipulability of the market" as a fundamental criterion. From Dow's Theorem 1, it can also be inferred that when designing trading strategies, investors should treat "non-manipulability of the market" as the minimum standard. In any market—whether long-established Western financial markets or emerging Asian financial markets—price fluctuations inevitably contain at least one wave structure that is "independent of investors' will." This structure should form the basis for investors' trading strategies. Objectively identifying and effectively isolating this price fluctuation component, entirely free from artificial influence, is one of the primary tasks faced by investors (discovering the Primary Trend).