Forum Archive Index - April 2002

[Phaedrus <Phaedrus@techemail.com>]

Peter,
       You ask "What is the definition of a 'secondary' downtrend?"
The primary trend is the overall direction of the stock. Prices usually move in 
a zig-zag fashion, so the zigs and zags that make up the primary trend are the 
secondary trends. These in turn are composed of zigs and zags that are the 
near-term trends.
 I often refer to the Long, Medium and Short term trends. Murphy in his TA book 
uses the terms Major, Secondary and Near Term trends. In reality, there are 
many trends interacting with each other, ranging from minutes to 100 years or 
more. Because of this, there may be a degree of variation between different 
analysts. One man's long-term trend may be anothers medium-term trend, for 
example.
 
              Phaedrus.

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