So what is meant in the above numbered lists? First, the primary trend is inviolate. The primary trend is the longest of three trends Dow identified (primary, secondary, and minor trends). The primary trend is broad, long-term price movement and in colloquial conversation can be thought of as bull and bear markets lasting several years (typically two years or more). The secondary trend is and intermediate-term reaction against the primary trend that last typically from 3 weeks to 3 months or more and may often retrace 1/3 to 2/3 of the move from the last secondary trend's terminus (e.g. pivot high or pivot low). The minor trend is the day-to-day vacillations in the market. Dow believed the day to day movements and even the secondary trend could be manipulated but that the primary trend could not be manipulated - it was inviolate. And for this reason Dow thought the primary trend shold be the focus of serious investors.