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1. Markdown: The downtrend that follows distribution
2. The market will roll over into the last phase, markdown
3. Trading bull and bear trends (markup and markdown) is also not as simple as might be expected
4. In the context of our simplified stage model, trend continuation trades are most appropriate in markup or markdown, but these early trend trades may be attempted where accumulation breaks into the uptrend or where distribution breaks down into the new downtrend
5. The pullback variations are, of course, the ideal tools for trading both the markup and markdown periods
6. The transitions from markup to distribution (and from markdown to accumulation) are a bit more problematic
7. They had had a fight about one wedding ring, then another, a fight about possible flowers, a fight about the day and date, a fight about the minister, a fight about the location of the ceremony, a fight about the size of the wedding cake, with or without brandy, a fight about the horses and hounds, and even a fight with the master of the hunt, a fight with his assistant, a fight with the Courtown butler, an altercation with a maid, a carousal with the pub owner about liquor, another brannigan with the liquor merchant in town for not giving a markdown on three cases of not very excellent champagne, plus fights in restaurants and pubs