The primary trend has three phases
August 27th, 2008 | 
Dow Theory asserts that major market trends are composed of three phases: an accumulation phase, a public participation phase, and a distribution phase. The accumulation phase (phase 1) is a period when investors “in the know” are actively buying (selling) stock against the general opinion of the market. During this phase, the stock price does not change much because these investors are in the minority absorbing (releasing) stock that the market at large is supplying (demanding). Eventually, the market catches on to these astute investors and a rapid price change occurs (phase 2). This occurs when trend followers and other technically oriented investors participate. This phase continues until rampant speculation occurs. At this point, the astute investors begin to distribute their holdings to the market (phase 3).
Ada 3 fase pergerakan dalam harga yaitu:
1. Akumulasi harga
2. Partisipasi (bullish/bearish)
3. Distribusi harga (bisa berupa contuniation trend atau reversal trend)
Penerusan bullish trend biasa disebut Excess Phase, penerusan bearish trend biasa disebut panic phases
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