- Stage 1 - Accumulation

- Stage 1 - Distribution

    - Stage 2 - Big Move

- Stage 2 - Big Move

    - Stage 3 - Excess

- Stage 3 - Despair

"Don’t worry about what you THINK the market is going to do; worry about what you are going to do in response to the market."

The market professionals, the specialists on the floor of the exchanges, don’t spend their time thinking about where the market might be going. They base their moment-by-moment decisions on current market actions.