In this paper, we think stock price is a result of manipulation. The relationship among participants of financial markets are hierarchy, in which investors are at the bottom and Fed is at top. Between them are Banker, Manager and Supervisors, and trader. Participants at lower rank is manipulated by participants at higher rank, and the performance of the former is complied with Photoelectric Effect. Next we introduce Photoelectric Effect model which decomposes the response of stock price to a factor's change into a hierarchy of fluctuation waves. Then we use historic data to determine the parameters of these waves. According to text data analysis. Because market participants have same reaction to similar stimuli according to technical analysis,we believe we can predict whether or not a profitable peak or trough of stock prices will appear in the near future by referring the past the responses of market participants at the similar market position.