Respect for the Market
- no one is bigger than the market, no governments, no gurus.
- the primary trend could last longer than anyone can expect
- always respect the primary trend
- counter rallies within a primary down trend should be viewed with suspicion
- gap ups within a primary down trend are often sold
- bottoms can only be known after the fact
- market corrects through price first, then time (we are only at 1st stage)
- if the correction doesn't scare you out (by price), it will most likely wear you out (by time).
- news items tend to go with the direction of the primary trend
