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第38讲Runaway Gaps（逃逸缺口）

Less frequent in their appearance than either of the two forms we have discussed above, gaps of the continuation or runaway type are of far greater technical significance because they afford a rough indication of the probable extent of the move in which they occur. For that reason they have sometimes been called "measuring" gaps，and are best described as gaps that are caused by increased interest in the stock. For runaway gaps to the upside, it usually represents traders who did not get in during the initial move of the uptrend and while waiting for a retracement in price, decided it was not going to happen. Also, a good uptrend can have runaway gaps caused by significant news events that cause new interest in the stock. Note the significant increase in volume during and after the runaway gap.

Runaway gaps can also happen in downtrends. This usually represents increased liquidation of that stock by traders and buyers who are standing on the sidelines. These can become very serious as those who are holding onto the stock will eventually panic and sell – but sell to whom? The price has to continue to drop and gap down to find buyers. Not a good situation.

Two or More Runaway Gaps But it will be much easier to bring out the characteristics distinguishing runaway and exhaustion gaps when we take up the latter in detail. Before doing so, we must mention those cases where two, and, rarely, even three, gaps intervene in a fast move and are evidently all classifiable as of the continuation or runaway breed. It doesn't happen often, and is particularly unlikely to appear in the chart of a fairly large and active issue, but one of the thinner stocks in the midst of a "skyrocket" move may go skipping along for three or four days making gaps between each successive pair. The only question of practical importance that arises in such cases is Where should the halfway measuring point be located? No quick and easy rule can be laid down, but studious inspection of the chart, especially of the volume trend, will usually afford an answer. Remember that half way in these fast moves tends to come at the stage where prices are moving most easily and rapidly with respect to number of transactions recorded (whence the tendency to gap). If there are two gaps, the halfway stage may very likely have been reached somewhere between them. Inspect your chart carefully and try to "average" the picture mentally; look for what appears to be the center of "thinness" and use that for your measuring level. But remember also that each successive gap brings the move inevitably nearer to exhaustion, so let your judgment lean to the conservative side; do not expect too much of the second or third gap.