7. Identifying Major Market Tops and Bottoms: Other Tools to Consider
A basic tenet of virtually any analytical technique is the more evidence that points to a conclusion, the more likely that conclusion will be valid. In general terms, this is called the weight of evidence and applies equally to an examination of market conditions.
Thus far, we have discussed using the Wyckoff laws of Supply and Demand and Effort vs. Result in helping identify market tops and bottoms, together with Lowry’s application of the Law of Supply and Demand through the Buying Power and Selling Pressure Indexes. We have also discussed Wyckoff’s Law of Cause and Effect as used in establishing price targets for bull and bear markets through horizontal counts on point and ...
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