Why Time Is Most Important
Everybody knows that time is a universal constant. That is precisely the reason that time is more relevant to the markets than price and volume.
Time is the single most important market characteristic. Markets "exist" without price or volume during trading halts, limit days, lack of interested buyers and sellers, etc., but markets cannot exist in a vacuum. Time is always present; the one "constant". You might think think that this is such an obvious fact that it need not be stated here. Time affects all humanity, and it is humankind that makes the markets. Price and volume do not affect anybody, except for the temporary emotional swings of a large profit or loss, due to price movement.
Seminal, traumatic events in a persons life, have a profound effect on their future life. These events are often referred to as milestones. Milestone is more appropriate than "yearstone". In fact, yearstone isn't a word; it doesn't exist. Why not? There is no need for such a word as long as we think of life as a journey, implying distance or travel. We use "milestone" to describe important turning points in the history of not just individuals, but for nations, or "happenings" such as wars, etc. A milestone is a tangible, palpable, and usually extremely dense and heavy object, but here it is used to denote location in intangible time. Perhaps we are unconsciously acknowledging the possibility that time may exhibit qualities normally thought of as the province of substantive items, and time may be more "tangible" and reverberatory than our conscious minds are willing to consider.
An historical market chart is a canvas upon which the moving finger of the market hath writ. The market has traveled this terrain and recorded its milestones, turning points. The topology of this terrain is three dimensional and the milestones occur at mountaintops and valleys; traumatic, seminal events. These milestones will affect the future paths of the market.