Three Forms of EMH 1.Weak Form: Prices reflect all information contained in past prices No serial correlation of prices expected ·Consistent with EMH No special advantage to technical analysis No bull or bear market,except in retrospect 1010 Three Forms of EMH Three Forms of EMH 1. Weak Form: Prices reflect all information contained in past prices ÄNo serial correlation of prices expected • Consistent with EMH ÄNo special advantage to technical analysis ÄNo bull or bear market, except in retrospect