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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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24 TIME: CYCLES AND SEASONAL PATTERNS

Basic Principles

Time is represented on the horizontal axis of most technical charts. It is normally used in conjunction with price, volume, and breadth, the other three dimensions of psychology involved in determining trends in the stock market. These latter three, though, are measured on the vertical axis. Time can also be assessed independently through the analysis of cycles.

Discussions of the importance of time have, so far, been limited to the idea that the significance of a reversal in trend depends upon the length of time needed for a distribution or accumulation to complete. The longer the period, the greater the magnitude and duration of the next move are likely to be. Removing the speculative excesses ...

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