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1、先大后小·先长后短·做熟不做生ChapterXIConsolidationFormationsAnArmythathaspushedforwardtoorapidly,penetratedfarintoenemyterritory,sufferedcasualtiesandoutrunitssupplies,musthalteventually,perhapsretreatabittoamoreeasilydefendedpositionanddigin,bringupreplacementsandestablishastrongbas
2、efromwhichlatertolaunchanewattack.Inthemilitaryparlancewithwhichwehaveallbecomemoreorlessfamiliarthesepastfewyears,thatprocessisknownasconsolidatingone'sgains.Althoughitwillnotdotooverworktheanalogy,thereismuchintheactionofthestockmarketwhichmaybecomparedtoamilitarycampa
3、ign.Whenastockpushesahead(upordown)toofast,itreachesapointwheretheforcesthatproduceditsmoveareexhausted.Theniteitherreversesitstrend(inaMajororIntermediatesense),reactstoagoodsupportlevel,orconsolidatesitsposition,insomesortof"sidewise"chartpatterncomposedofminorfluctuat
4、ions,untilithascaughtupwithitself,sotospeak,andisreadytogoonagain.WealreadyhavehadoccasiontorefertoconsolidationformationsinourstudyofSymmetricalTrianglesandRectangles.Wesawhowthosetwochartformationsmighteitherreversetheprevioustrendorconsolidateitinpreparationforitscont
5、inuation.WenotedthataboutthreeoutoffourSymmetricalTriangleswillturnouttobeconsolidationsratherthanreversals—andRectanglesinaboutthesameproportion.Evenaflat-toppedBroadeningpattern,constructedatthetopofanIntermediateadvance,may,despiteitsnormallybearishimplications,beconv
6、ertedintoaconsolidationorcontinuationformationifitsflattopisdecisivelypenetratedontheupside........._ADowTheoryLineinthechartofoneoftheaveragesmaybeeitheraconsolidationorreversalformation,andisrathermorelikelytobetheformerthanthelatter.ADowLineis,ofcourse,asortoflooseRec
7、tangle.Thefactisthatalmostanysortofsidewisepricepattern,suchasisoftentermeda"congestion"ortradingarea,providedtradingvolumetendstodiminishduringitsconstruction(andprovideditdoesnotshowdefinitebroadeningtendencies),usuallyfunctionsasaconsolidation.Butmostareasoftrendconso
8、lidationarefairlywelldefined—takeonarecognizablepattern.FlagsandPennantsWedonotneedtospendmoretimehereo
