Phases
The stock market cannot simply just go up or down. A cause has to be established first. Every move seen
in the stock market is preceded by an area where stock is transferred either from weak holders to strong, or
from strong holders to weak. This then creates a 'cause' for the next move. The time taken and the
intensity of trading to create a move vary under different market conditions. A study of point and figure
charts will confirm this.
Master