In addition to the broader patterns noted above, there are specific situations of short duration that have been noted by the chartist, including:
Gaps Spikes
Reversal days Thrust days
Cups and caps
Major and Minor Formations
Throughout the study of charting, it is important to remember that the same patterns will appear in short- as well as long-term charts. An upward trendline can be drawn across the bottom of a price move that only began last week; it can represent a sustained 3-year trend in the financial markets, or a 6-month move in coffee. In general, the longer the time interval, the more significant the formation. Contract highs and lows, well-defined trading ranges, trendlines using weekly charts, and head-and-shoulder formations are carefully watched by traders. Obscure patterns and new formations are not of interest to most chartists, and without the support of the traders, conclusions drawn from those formations have no substance. The basic charting course also includes interpretation of volume and open interest and a variety of rules for using the formations.