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Technical Analysis Explained, Fifth Edition: The Successful Investor's Guide to Spotting Investment Trends and Turning Points, 5th Edition by Martin J. Pring

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8 CLASSIC PRICE PATTERNS

In earlier chapters we discussed the concepts of peak-and-trough progression, support and resistance, trendlines, and rudimentary volume characteristics. These are all basic building blocks of price pattern construction. Now it’s time to put them all together to gain a better understanding of how we recognize, interpret, and appreciate the significance of specific formations. For a more complete, in-depth discussion of price patterns, their underlying psychology, and significance, please refer to Martin Pring on Price Patterns (McGraw-Hill, 2005).

The concept of price patterns is demonstrated in Figures 8.1 and 8.2. Figure 8.1 represents a typical market cycle in which there are three trends: up, sideways, and down. The ...

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