When the primary price trend breaks down below support, the cat
is out of the proverbial bag. This begins phase three of strong supply,
the launching of a new downtrend. A downtrend is a supply line signifying
that supply has exceeded demand over this time. Downtrends are
formed by selling pressure (supply) being greater than buying pressure
(demand). Many times, but not always, an investor who creates supply,
a seller, is motivated by the fear of losing the value of the investment. A
downtrend then can be viewed as the accumulation of fear.