obscure element of the dream I can recognize the most direct offspring of the principal dream thought.

I could only designate this dream displacement as the transvaluation of psychical values.

The phenomena will not have been considered in all its bearings unless I add that this displacement or transvaluation is shared by different dreams in extremely varying degrees. There are dreams which take place almost without any displacement. These have the same time, meaning, and intelligibility as we found in the dreams which recorded a desire. In other dreams not a bit of the dream idea has retained its own psychical value, or everything essential in these dream ideas has been replaced by unessentials, whilst every kind of transition between these conditions can be found. The more obscure and