Technical analysis of stock trends - 8th edition

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Chapter ten: Other Reversal Phenomena 163 Trading volume in a Wedge tends to follow the regular Triangle Pattern, diminishing gradually as prices move up toward the apex of the Wedge. The Falling Wedge P.U. Fig. 98, p. 187 FIGURE 98. As U.S. Steel approached the Top of its Secondary Recovery in August 1937, its price fluctuations tended to grow narrower, between upward sloping but converging boundaries, while volume diminished. This pattern — a Wedge — carried a definitely Bearish message. The entire swing from July to the end of August was essentially a Rounding Top. The three Gs mark Breakaway Gaps (Chapter 12), the last (September 7) made as prices broke down through a Support Level (Chapter 13). Except for the fact that it is pointed down, the Falling Wedge appears in all respects like the rising form we have just described. But the price trend that follows its completion differs in character. When prices break out of a Rising Wedge, they usually fall away rapidly, but when they move out of a Falling Wedge, they are more apt to drift sideways or in a dull “Saucering-around” movement before they begin to rise. The Rising Wedge may, therefore, call for quick action to secure profits, while with a Falling Wedge, the trader ordinarily can take his time about making his commitment for the ensuing rise. Both types should be well defined on the chart. Unless a trend pattern is quite compact with frequent fluctuations, and nicely bounded by lines which clearly converge to a point, and unless their up (or down) slant is
164 Technical Analysis of Stock Trends P.U. Fig. 99, p. 188 FIGURE 99. An “ideal” Falling Wedge that developed in Loew’s in 1936. Note volume trend therein, irregular but generally diminishing. July produced a small Flag (Chapter 11), and at the end of the year, “LW” went into a Rectangle out of which prices “skyrocketed” to 75. marked, the Wedge construction must be considered doubtful. You will find borderline cases where one of the pattern lines so nearly approaches the horizontal in direction that it resembles a Right-Angle Triangle, and the latter would, of course, carry quite different implications for future trend development. It is difficult to lay down any hard and fast rules for distinguishing the two. If one boundary line is nearly horizontal, or if the daily closing prices tend to fall at about the same level, then the formation is more safely construed as a Triangle. The reader need not let this problem worry him unduly, as he will rarely be left in doubt for long after he has acquired a little experience with charts. One soon gets to recognize the characteristic “symptoms” of the different formations and make correct diagnoses almost instinctively. Wedges on Weekly and Monthly Charts Most true Wedges are too short-lived (seldom longer than 3 months) to take on a recognizable definition on a monthly chart, but they may be spotted
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EIGHTH EDITION TECHNICAL ANALYSIS O
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Library of Congress Cataloging-in-P
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not foresee the electronic calculat
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volume. These concepts are briefly
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About the Editorial Practices in Th
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everyone knows, has only 50 seconds
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the markets a woman plunger (shoote
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Acknowledgments In General: John Ma
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for subscribers to his Technical St
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In his books, Stock Market Theory a
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Through his technical work, John Ma
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Preface to the Fourth Edition In th
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Foreword This book has been written
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Contents Preface to the Eighth Edit
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Chapter 12 Gaps....................
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Chapter 23 Choosing and Managing Hi
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APPENDIX A Chapters A-D Chapter A T
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chapter one The Technical Approach
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Chapter one: The Technical Approach
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Chapter one: The Technical Approach
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10 Technical Analysis of Stock Tren
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P.U. Fig. 5, p. 37 32 Technical Ana
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chapter six Important Reversal Patt
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Chapter six: Important Reversal Pat
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chapter seven Important Reversal Pa
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Chapter seven: Important Reversal P
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P.U. Fig. 43, p. 105 Chapter seven:
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100 Technical Analysis of Stock Tre
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chapter fifteen Major Trendlines In
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Chapter fifteen: Major Trendlines 2
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chapter 15.1 Trading the Averages i
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Chapter 15.1: Trading the Averages
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chapter sixteen Technical Analysis
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Chapter sixteen: Technical Analysis
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Chapter sixteen: Technical Analysis
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chapter eighteen The Tactical Probl
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Chapter eighteen: The Tactical Prob
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chapter 20.1 The Kind of Stocks We
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Chapter 20.1: Long-term Investor’
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chapter twenty-two Selection of Sto
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Chapter twenty-two: Selection of St
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Chapter twenty-two: Selection of St
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chapter twenty-three Choosing and M
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Chapter twenty-three: Choosing and
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chapter twenty-five Two Touchy Ques
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Chapter twenty-five: Two Touchy Que
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chapter twenty-eight What Is a Bott
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Chapter twenty-eight: What Is a Bot
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Chapter twenty-eight: What Is a Bot
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chapter thirty-one Not All in One B
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chapter thirty-two Measuring Implic
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Chapter thirty-two: Measuring Impli
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chapter thirty-four A Quick Summati
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Chapter thirty-four: A Quick Summat
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chapter thirty-seven “The Same Ol
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Chapter thirty-seven: “The Same O
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chapter thirty-eight Balanced and D
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Chapter thirty-eight: Balanced and
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chapter forty-one Application of Ca
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Chapter forty-one: Application of C
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Chapter forty-one: Application of C
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chapter forty-three Stick to Your G
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appendix A Chapter A (Magee’s Ori
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Appendix A 577 and this fraction is
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Appendix A 579 was clean-cut and fa
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Appendix A 581 Composite Leverage I
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Appendix A 583 be clear that such s
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Appendix A 585 Chapter D Sensitivit
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Appendix A 587 Control Data Corp. 1
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Appendix A 589 Occidental Petroleum
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Appendix A 591 Northern States Powe
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appendix D Resources • Section 1:
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Appendix D 635 Briefing.com www.bri
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Appendix D 637 where E is the expec
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Appendix D 639 PORTFOLIO PROFIT ANA
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Appendix D 641 Section 7 From the J
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List of Illustrations/Diagrams 643
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Index Principal references are give
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Index 693 (see Head-and-Shoulders)
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Index 695 versus speculative stocks
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Index 697 Formation, 671 (see Patte
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Index 699 Support, 430 et seq. (see
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Index 701 Monthly charts, 9, 11, 89
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Index 703 gains and losses, 578-9 s
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Index 705 (see Ascending Triangle)
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Index 707 Symmetrical Triangle, 96-
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Index 709 W commodities/futures, 60
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