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1、先大后小·先长后短·做熟不做生ChapterXIConsolidationFormationsAnArmythathaspushedforwardtoorapidly,penetratedfarintoenemyterritory,sufferedcasualtiesandoutrunitssupplies,musthalteventually,perhapsretreatabittoamoreeasilydefendedpositionanddigin,bringupreplacementsandes
2、tablishastrongbasefromwhichlatertolaunchanewattack.Inthemilitaryparlancewithwhichwehaveallbecomemoreorlessfamiliarthesepastfewyears,thatprocessisknownasconsolidatingone'sgains.Althoughitwillnotdotooverworktheanalogy,thereismuchintheactionofthestockmarket
3、whichmaybecomparedtoamilitarycampaign.Whenastockpushesahead(upordown)toofast,itreachesapointwheretheforcesthatproduceditsmoveareexhausted.Theniteitherreversesitstrend(inaMajororIntermediatesense),reactstoagoodsupportlevel,orconsolidatesitsposition,insome
4、sortof"sidewise"chartpatterncomposedofminorfluctuations,untilithascaughtupwithitself,sotospeak,andisreadytogoonagain.WealreadyhavehadoccasiontorefertoconsolidationformationsinourstudyofSymmetricalTrianglesandRectangles.Wesawhowthosetwochartformationsmigh
5、teitherreversetheprevioustrendorconsolidateitinpreparationforitscontinuation.WenotedthataboutthreeoutoffourSymmetricalTriangleswillturnouttobeconsolidationsratherthanreversals—andRectanglesinaboutthesameproportion.Evenaflat-toppedBroadeningpattern,constr
6、uctedatthetopofanIntermediateadvance,may,despiteitsnormallybearishimplications,beconvertedintoaconsolidationorcontinuationformationifitsflattopisdecisivelypenetratedontheupside........._ADowTheoryLineinthechartofoneoftheaveragesmaybeeitheraconsolidationo
7、rreversalformation,andisrathermorelikelytobetheformerthanthelatter.ADowLineis,ofcourse,asortoflooseRectangle.Thefactisthatalmostanysortofsidewisepricepattern,suchasisoftentermeda"congestion"ortradingarea,providedtradingvolumetendstodiminishduringitsconst
8、ruction(andprovideditdoesnotshowdefinitebroadeningtendencies),usuallyfunctionsasaconsolidation.Butmostareasoftrendconsolidationarefairlywelldefined—takeonarecognizablepattern.FlagsandPennantsWedonotneedtospendmoretimehereo
