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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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35 CHECKPOINTS FOR IDENTIFYING PRIMARY STOCK MARKET PEAKS AND TROUGHS

Primary bull market tops and bottoms are elusive affairs, largely because the points at which we expect them to develop are the ones that appear to be the most unlikely at the time. When most people are lucky enough to identify a bull market peak, they assume that prices will immediately decline. This is not normally the case because of the numerous and confusing cross-currents necessary for the development of true distribution. This topping-out process usually requires a trading range environment, which reflects the tremendous battle between bulls and bears. First one comes out on top and then the other. By the time the distribution has been completed, both sides are exhausted. ...

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