W.D. Gann: "Truth of the stock tape"
A must read :)
"Wide fluctuations occur more often at high levels than
at low levels, because distribution is taking place. When
stocks reach very low levels after a final drive, they slow
down and often work for some time in a very narrow range
while accumulation is taking place. Accumulation and distribution
are exactly opposite. When the insiders want to
sell stocks, they make all the noise possible and do everything
to attract the attention of the public and create a large public
buying power. When stocks decline to low levels and they
want to accumulate a large line, they work just as quietly as
possible. They use every means to disguise the fact that
they are buying stocks, and do everything to discourage the
outsiders from buying them."
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