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Which of the following is required for a major downward move, under the Dow Theory? a. Successive rallies penetrate previous highs, while declines remain above

Which of the following is required for a major downward move, under the Dow Theory?

a. Successive rallies penetrate previous highs, while declines remain above previous low

b. Successive rallies fail to penetrate previous highs, while declines penetrate previous lows

c. Successive rallies penetrate previous lows, while declines remain above previous highs

d. Successive rallies fail to penetrate previous lows, while declines penetrate previous high

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