same as theascending triangle in the sense that the analyst must measure theheight of the pattern at the base to the left and then project thatdistance down from the breakdown point.
The Descending Triangle as a Top
While the descending triangle is a continuation pattern and usu-ally is found within downtrends, it is not unusual on occasion forthe descending triangle to be found at market tops. This type ofpattern is not that difficult to recognize when it does appear in thetop setting. In that case, a close below the flat lower line would sig-nal a major trend reversal to the downside.Continuation Patterns 139
Figure 6.4a A
descending trian-
gle. The bearish
pattern is complet-A ed with a decisiveclose under thelower flat line. Themeasuring tech-nique is the heightof the triangle (AB)projected downfrom the breakoutat point C.
<—_-—-———.
 
per7/97 (DD) Du Pont E | De Nemour
ty
 
itl
Descending Triangle
 
 
 
 
 
 
Figure 6.4b A bearish descending triangle formed in Du Pont duringthe autumn of 1997. The upper line is descending while the lower line isflat. The break of the lower line in early October resolved the pattern to thedownside.140 Chapter 6
 
The Volume Pattern
The volume pattern in both the ascending and descending trian-gles is very similar in that the volume diminishes as the patternworks itself out and then increases on the breakout. As in the caseof the symmetrical triangle, during the formation the chartist candetect subtle shifts in the volume pattern coinciding with theswings in the price action. This means that in the ascending pat-tern, the volume tends to be slightly heavier on bounces andlighter on dips. In the descending formation, volume should beheavier on the downside and lighter during the bounces.
The Time Factor in Triangles
One final factor to be considered on the subject of triangles is thatof the time dimension. The triangle is considered an intermediatepattern, meaning that it usually takes longer than a month toform, but generally less than three months. A triangle that lastsless than a month is probably a different pattern, such as a pen-nant, which will be covered shortly. As mentioned earlier, trian-gles sometimes appear on long term price charts, but their basicmeaning is always the same.
THE BROADENING FORMATION
This next price pattern is an unusual variation of the triangle andis relatively rare. It is actually an inverted triangle or a triangleturned backwards. All of the triangular patterns examined so farshow converging trendlines. The broadening formation, as thename implies, is just the opposite. As the pattern in Figure 6.5shows, the trendlines actually diverge in the broadening forma-tion, creating a picture that looks like an expanding triangle. It isalso called a megaphone top.
The volume pattern also differs in this formation. In theother triangular patterns, volume tends to diminish as the priceswings grow narrower. Just the opposite happens in the broaden-ing formation. The volume tends to expand along with the wider priceswings. This situation represents a market that is out of controlContinuation Patterns 141
 
 
Figure 6.5 A broadening top. This type of expanding triangle usuallyoccurs at major tops. It shows three successively higher peaks and two declin-ing troughs. The violation of the second trough completes the pattern. This isan unusually difficult pattern to trade and fortunately is relatively rare.
and unusually emotional. Because this pattern also represents anunusual amount of public participation, it most often occurs atmajor market tops. The expanding pattern, therefore, is usually abearish formation. It generally appears near the end of a major bullmarket.
FLAGS AND PENNANTS
The flag and pennant formations are quite common. They are usu-ally treated together because they are very similar in appearance,tend to show up at about the same place in an existing trend, andhave the same volume and measuring criteria.
The flag and pennant represent brief pauses in a dynamicmarket move. In fact, one of the requirements for both the flag142 Chapter 6
and the pennant is that they be preceded by a sharp and almoststraight line move. They represent situations where a steepadvance or decline has gotten ahead of itself, and where the mar-ket pauses briefly to “catch its breath” before running off again inthe same direction.
Flags and pennants are among the most reliable of contin-uation patterns and only rarely produce a trend reversal. Figures6.6a-b show what these two patterns look like. To begin with,notice the steep price advance preceding the formations on heavyvolume. Notice also the dramatic drop off in activity as the con-solidation patterns form and then the sudden burst of activity onthe upside breakout.
Construction of Flags and Pennants
The construction of the two patterns differs slightly. The flagresembles a parallelogram or rectangle marked by two paralleltrendlines that tend to slope against the prevailing trend. In adowntrend, the flag would have a slight upward slope.
Figure 6.6a Exampleof a bullish flag. The flagusually occurs after asharp move and representsa brief pause in the trend.The flag should slopeagainst the trend. Volumeshould dry up during theformation and build againon the breakout. The flagusually occurs near themidpoint of the move.Continuation Patterns 143
Figure 6.6b 4 bullishpennant. Resembles asmall symmetrical trian-gle, but usually lasts no
/\ longer than three weeks.Volume should be lightduring its formation. Themove after the pennant iscompleted should dupli-cate the size of the movepreceding it.
The pennant is identified by two converging trendlinesand is more horizontal. It very closely resembles a small symmet-rical triangle. An important requirement is that volume shoulddry up noticeably while each of the patterns is forming.
Both patterns are relatively short term and should be com-pleted within one to three weeks. Pennants and flags in down-trends tend to take even less time to develop, and often last nolonger than one or two weeks. Both patterns are completed on thepenetration of the upper trendline in an uptrend. The breaking ofthe lower trendline would signal resumption of downtrends. Thebreaking of those trendlines should take place on heavier volume.As usual, upside volume is more critically important than down-side volume. (See Figures 6.7a-b.)
Measuring Implications
The measuring implications are similar for both patterns. Flagsand pennants are said to “fly at half-mast” from a flagpole. Theflagpole is the prior sharp advance or decline. The term “half-mast” suggests that these minor continuation patterns tend to 
 
144 Chapter 6
 
3131197 (IP) International Paper C 07/18/97
 
Daily Bar Chart
Bullish Flag
 
 
 
 
 
 
Figure 6.7a A bullish flag in International Paper. The flag looks like adown-sloping parallelogram. Notice that the flag occurred right at thehalfway point of the uptrend.
appear at about the halfway point of the move. In general, themove after the trend has resumed will duplicate the flagpole orthe move just prior to the formation of the pattern.
To be more precise, measure the distance of the precedingmove from the original breakout point. That is to say, the point atwhich the original trend signal was given, either by the penetra-tion of a support or resistance level or an important trendline.That vertical distance of the preceding move is then measuredfrom the breakout point of the flag or pennant—that is, the pointat which the upper line is broken in an uptrend or the lower linein a downtrend.
Summary
Let’s summarize the more important points of both patterns.Continuation Patterns 145
 
ai06/67 (CAT) Caterpillar inc
 
 
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Figure 6.7b A couple of pennants are flying on this Caterpillar chart.Pennants are short term continuation patterns that look like small symmetri-cal triangles. The pennant to the left continued the uptrend, while the one tothe right continued the downtrend.
1.
2.
They are both preceded by an almost straight line move(called a flagpole) on heavy volume.
Prices then pause for about one to three weeks on very lightvolume.
. The trend resumes on a burst of trading activity.. Both patterns occur at about the midpoint of the market
move.
. The pennant resembles a small horizontal symmetrical tri-
angle.
. The flag resembles a small parallelogram that slopes against
the prevailing trend.
. Both patterns take less time to develop in downtrends.. Both patterns are very common in the financial markets.146 Chapter 6
THE WEDGE FORMATION
The wedge formation is similar to a symmetrical triangle both interms of its shape and the amount of time it takes to form. Likethe symmetrical triangle, it is identified by two converging trend-lines that come together at an apex. In terms of the amount oftime it takes to form, the wedge usually lasts more than onemonth but not more than three months, putting it into the inter-mediate category.
What distinguishes the wedge is its noticeable slant. Thewedge pattern has a noticeable slant either to the upside or thedownside. As a rule, like the flag pattern, the wedge slants againstthe prevailing trend. Therefore, a falling wedge is considered bullishand a rising wedge is bearish. Notice in Figure 6.8a that the bullishwedge slants downward between two converging trendlines. Inthe downtrend in Figure 6.8b, the converging trendlines have anunmistakable upward slant.
Figure 6.8aExample of a bullishfalling wedge. Thewedge pattern hastwo convergingtrendlines, butslopes against theprevailing trend. Afalling wedge is usu-ally bullish,Continuation Patterns 147
 
Figure 6.8bExample of a bearishwedge. A bearishwedge should slopeupward against theprevailing down-trend.
Wedges as Tops and BottomReversal Patterns
Wedges show up most often within the existing trend and usuallyconstitute continuation patterns. The wedge can appear at tops orbottoms and signal a trend reversal. But that type of situation ismuch less common. Near the end of an uptrend, the chartist mayobserve a clearcut rising wedge. Because a continuation wedge inan uptrend should slope downward against the prevailing trend,the rising wedge is a clue to the chartist that this is a bearish andnot a bullish pattern. At bottoms, a falling wedge would be a tip-off of a possible end of a bear trend.
Whether the wedge appears in the middle or the end of amarket move, the market analyst should always be guided by thegeneral maxim that a rising wedge is bearish and a falling wedge isbullish. (See Figure 6.8c.)
THE RECTANGLE FORMATION
The rectangle formation often goes by other names, but is usuallyeasy to spot on a price chart. It represents a pause in the trend dur-ing which prices move sideways between two parallel horizontallines. (See Figures 6.9a-c.)
The rectangle is sometimes referred to as a trading range ora congestion area. In Dow Theory parlance, it is referred to as a line.Whatever it is called, it usually represents just a consolidationperiod in the existing trend, and is usually resolved in the direc-148 Chapter 6
 
 
paneer (*CRB) Commodity Research BureauDaily Bar Chart \\
Commodity Research Bureau Index
 
 
 
 
 
 
Figure 6.8c Example of a bearish rising wedge. The two converging trend-lines have a definite upward slant. The wedge slants against the prevailingtrend. Therefore, a rising wedge is bearish, and a falling wedge is bullish.
Figure 6.9aExample of a bull-ish rectangle in anuptrend. This pat-tern is also calleda trading range,and shows pricestrading betweentwo horizontaltrendlines. It isalso called a con-gestion area,Continuation Patterns 149
Figure 6.9b Exampleof a bearish rectangle.While rectangles are usu-ally considered continua-tion patterns, the tradermust always be alert forsigns that it may turninto a reversal pattern.such as a triple bottom.
 
"0/09/96 (CPQ) Compaq Computer Corp
 
Daity Bar Chart
lii \" it H Hl ti
hall
Bullish Rectangle
\, fy tl \ i if
 
 
 
 
Figure 6.9¢ A bullish rectangle. Compaq’s uptrend was interrupted forfour months while it traded sideways. The break above the upper line in earlyMay completed the pattern and resumed the uptrend. Rectangles are usuallycontinuation patterns.150 Chapter 6
tion of the market trend that preceded its occurrence. In terms offorecasting value, it can be viewed as being similar to the sym-metrical triangle but with flat instead of converging trendlines.
A decisive close outside either the upper or lower bound-ary signals completion of the rectangle and points the direction ofthe trend. The market analyst must always be on the alert, how-ever, that the rectangular consolidation does not turn into a rever-sal pattern. In the uptrend shown in Figure 6.9a, for example,notice that the three peaks might initially be viewed as a possibletriple top reversal pattern.
The Importance of the Volume Pattern
One important clue to watch for is the volume pattern. Becausethe price swings in both directions are fairly broad, the analystshould keep a close eye on which moves have the heavier volume.If the rallies are on heavier and the setbacks on lighter volume,then the formation is probably a continuation in the uptrend. Ifthe heavier volume is on the downside, then it can be considereda warning of a possible trend reversal in the works.
Swings Within the Range Can Be Traded
Some chartists trade the swings within such a pattern by buyingdips near the bottom and selling rallies near the top of the range.This technique enables the short term trader to take advantage ofthe well defined price boundaries, and profit from an otherwisetrendless market. Because the positions are being taken at theextremes of the range, the risks are relatively small and welldefined. If the trading range remains intact, this countertrendtrading approach works quite well. When a breakout does occur,the trader not only exits the last losing trade immediately, but canreverse the previous position by initiating a new trade in thedirection of the new trend. Oscillators are especially useful in side-ways trading markets, but less useful once the breakout hasoccurred for reasons discussed in Chapter 10.
Other traders assume the rectangle is a continuation pat-tern and take long positions near the lower end of the price bandContinuation Patterns 151
in an uptrend, or initiate short positions near the top of the rangein downtrends. Others avoid such trendless markets altogetherand await a clearcut breakout before committing their funds.Most trend-following systems perform very poorly during theseperiods of sideways and trendless market action.
Other Similarities and Differences
In terms of duration, the rectangle usually falls into the one tothree month category, similar to triangles and wedges. The vol-ume pattern differs from other continuation patterns in the sensethat the broad price swings prevent the usual dropoff in activityseen in other such patterns.
The most common measuring technique applied to therectangle is based on the height of the price range. Measure theheight of the trading range, from top to bottom, and then projectthat vertical distance from the breakout point. This method issimilar to the other vertical measuring techniques already men-tioned, and is based on the volatility of the market. When wecover the count in point and figure charting, we’ll say more onthe question of horizontal price measurements.
Everything mentioned so far concerning volume on break-outs and the probability of return moves applies here as well.Because the upper and lower boundaries are horizontal and sowell defined in the rectangle, support and resistance levels aremore clearly evident. This means that, on upside breakouts, thetop of the former price band should now provide solid support onany Selloffs. After a downside breakout in downtrends, the bot-tom of the trading range (the previous support area) should nowprovide a solid ceiling over the market on any rally attempts.
THE MEASURED MOVE
The measured move, or the swing measurement as it is sometimescalled, describes the phenomenon where a major market advanceor decline is divided into two equal and parallel moves, as shownin Figure 6.10a. For this approach to work, the market movesFigure 6.10a
Example of a measuredmove (or the swing mea-surement) in an uptrend.This theory holds that thesecond leg in the advance(CD) duplicates the sizeand slope of the firstupleg (AB). The correctivewave (BC) often retracesa third to a half of ABbefore the uptrend isresumed.
 
 
03/17/97 (PG) Procter & Gamble CoDaity Bar Chart
 
 
 
 
 
 
Figure 6.10b A measured move takes the prior upleg (AB) and adds thatvalue to the bottom of the correction at C. On this chart, the prior uptrend(AB) was 20 points. Adding that to the lowpoint at C (62) yielded a pricetarget to 82 (D).Continuation Patterns 153
should be fairly orderly and well defined. The measured move isreally just a variation of some of the techniques we’ve alreadytouched on. We’ve seen that some of the consolidation patterns,such as flags and pennants, usually occur at about the halfwaypoint of a market move. We’ve also mentioned the tendency ofmarkets to retrace about a third to a half of a prior trend beforeresuming that trend.
In the measured move, when the chartist sees a well-defined situation, such as in Figure 6.10a, with a rally from pointA to point B followed by a countertrend swing from point B topoint C (which retraces a third to a half of wave AB), it isassumed that the next leg in the uptrend (CD) will come close toduplicating the first leg (AB). The height of wave (AB), therefore,is simply measured upward from the bottom of the correction atpoint C.
THE CONTINUATION HEAD ANDSHOULDERS PATTERN
In the previous chapter, we treated the head and shoulders pat-tern at some length and described it as the best known and mosttrustworthy of all reversal patterns. The head and shoulders pat-tern can sometimes appear as a continuation instead of a reversalpattern.
In the continuation head and shoulders variety, pricestrace out a pattern that looks very similar to a sideways rectangu-lar pattern except that the middle trough in an uptrend (seeFigure 6.11a) tends to be lower than either of the two shoulders.In a downtrend (see Figure 6.11b), the middle peak in the consol-idation exceeds the other two peaks. The result in both cases is ahead and shoulders pattern turned upside down. Because it isturned upside down, there is no chance of confusing it with thereversal pattern.154 Chapter 6
RightSs]Head shoulder
 
Figure 6.1la Example of a bullish continuation head and shoulderspattern.
Left Head RightShoulder Shoulder
Weck line
 
Figure 6.11b = Example of a bearish continuation head and shoulderspattern.Continuation Patterns 155
 
10/17/96 (GM) General Mtrs Corp
 
Daily Bar Chart
==
a
Continuation Head and Shoulders
Neckline
May hy A)
ShoulderEel
Figure 6.11¢ General Motors formed a continuation head and shoulderspattern during the first half of 1997. The pattern is very clear but shows upin an unusual place. The pattern was completed and the uptrend resumedwith the close above the neckline at 60.
Shoulder
ge ey
 
 
 
 
 
 
CONFIRMATION ANDDIVERGENCE
The principle of confirmation is one of the common themes run-ning throughout the entire subject of market analysis, and is usedin conjunction with its counterpart—divergence. We’ll introduceboth concepts here and explain their meaning, but we’ll return tothem again and again throughout the book because their impact isso important. We’re discussing confirmation here in the context ofchart patterns, but it applies to virtually every aspect of technicalanalysis. Confirmation refers to the comparison of all technical sig-nals and indicators to ensure that most of those indicators arepointing in the same direction and are confirming one another.156 Chapter 6
 
Divergence is the opposite of confirmation and refers to asituation where different technical indicators fail to confirm oneanother. While it is being used here in a negative sense, diver-gence is a valuable concept in market analysis, and one of the bestearly warning signals of impending trend reversals. We'll discussthe principle of divergence at greater length in Chapter 10,“Oscillators and Contrary Opinion.”
CONCLUSION
This concludes our treatment of price patterns. We stated earlierthat the three pieces of raw data used by the technical analystwere price, volume, and open interest. Most of what we've said so farhas focused on price. Let’s take a closer look now at volume andopen interest and how they are incorporated into the analyticalprocess. 
Volume and OpenInterest
 
INTRODUCTION
Most technicians in the financial markets use a multidimension-al approach to market analysis by tracking the movement of threesets of figures—price, volume, and open interest. Volume analysisapplies to all markets. Open interest applies primarily to futuresmarkets. Chapter 3 discussed the construction of the daily barchart and showed how the three figures were plotted on that typeof chart. It was stated then that even though volume and openinterest figures are available for each delivery month in futuresmarkets, the total figures are the ones generally used for forecast-ing purposes. Stock chartists simply plot total volume along withthe accompanying price.
Most of the discussion of charting theory to this point hasconcentrated mainly on price action with some mention of vol-ume. In this chapter, we'll round out the three dimensionalapproach by taking a closer look at the role played by volume andopen interest in the forecasting process.
157158 Chapter 7
VOLUME AND OPEN INTEREST ASSECONDARY INDICATORS
Let’s begin by placing volume and open interest in their properperspective. Price is by far the most important. Volume and openinterest are secondary in importance and are used primarily as con-firming indicators. Of those two, volume is the more important.
Volume
Volume is the number of entities traded during the time periodunder study. Because we’ll be dealing primarily with daily barcharts, our main concern is with daily volume. That daily volumeis plotted by a vertical bar at the bottom of the chart under theday’s price action. (See Figure 7.1.)
         
 
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Figure 7.1 Notice that the volume bars are noticeably larger as prices arerallying (see circles). That means that volume is confirming the price rise andis bullish.Volume and Open Interest 159
 
Volume can be plotted for weekly bar charts as well. In thatcase, total volume for the week would simply be plotted under thebar representing that week’s price action. Volume is usually notused, however, on monthly bar charts.
Open Interest in Futures
The total number of outstanding or unliquidated contracts at theend of the day is open interest. In Figure 7.2, open interest is thesolid line plotted on the chart under its corresponding price datafor the day, but above the volume bars. Remember that officialvolume and open interest figures are reported a day late in thefutures markets and are, therefore, plotted with a one day lag.(Only estimated volume figures are available for the last tradingday.) That means that each day the chartist plots the high, low,and closing price bar for the last day of trading, but plots the offi-cial volume and open interest figures for the previous day.
Open interest represents the total number of outstandinglongs or shorts in the market, not the sum of both. Open interest isthe number of contracts. A contract must have both a buyer and aseller. Therefore, two market participants—a buyer and a Seller—combine to create only one contract. The open interest figurereported each day is followed by either a positive or negativenumber showing the increase or decrease in the number of con-tracts for that day. It is those changes in the open interest levels,either up or down, that give the chartist clues as to the changingcharacter of market participation and give open interest its fore-casting value.
How Changes in Open Interest Occur. In order to grasp the signifi-cance of how changes in the open interest numbers are interpret-ed, the reader must first understand how each trade produces achange in those numbers,
Every time a trade is completed on the floor of theexchange, the open interest is affected in one of three ways—itincreases, decreases, or stays unchanged. Let’s see how thosechanges occur.160 Chapter 7
 
Change inBuyer Seller Open Interest1. Buys new long Sells new short Increases2. Buys new long Sells old long No change3. Buys old short Sells new short No change4. Buys old short Sells old long Decreases
 
In the first case, both the buyer and seller are initiating anew position and a new contract is established. In case 2, thebuyer is initiating a new long position, but the seller is merely liq-uidating an old long. One is entering and the other exiting atrade. The result is a standoff and no change takes place in thenumber of contracts. In case 3, the same thing happens exceptthis time it is the seller who is initiating a new short and the buyerwho is only covering an old short. Because one of the traders isentering and the other exiting a trade, again no change is pro-duced. In case 4, both traders are liquidating an old position andthe open interest decreases accordingly.
To sum up, if both participants in a trade are initiating anew position, the open interest will increase. If both are liquidat-ing an old position, the open interest wil] decline. If, however,one is initiating a new trade while the other is liquidating an oldtrade, open interest will remain unchanged. By looking at the netchange in the total open interest at the end of the day, the chartistis able to determine whether money is flowing into or out of themarket. This information enables the analyst to draw some con-clusions about the strength or weakness of the current price trend.
General Rules for Interpreting Volume andOpen Interest
The futures technician incorporates volume and open interestinformation into market analysis. The rules for the interpretationof volume and open interest are generally combined because theyare so similar. There are, however, some distinctions between thetwo that should be addressed. We'll begin here with a statementof the general rules for both. Having done that, we’ll then treateach one separately before combining them again at the end.Volume and Open Interest
161
 
Price Volume Open Interest MarketRising Up Up StrongRising Down Down WeakDeclining Up Up WeakDeclining Down Down Strong
If volume and open interest are both increasing, then thecurrent price trend will probably continue in its present direction(either up or down). If, however, volume and open interest aredeclining, the action can be viewed as a warning that the currentprice trend may be nearing an end. Having said that, let’s nowtake a look at volume and open interest separately. (See Figure
7.2.)
 
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Figure 7.2 A daily chart of crude oil futures shows volume and open
interest (solid line). The open interest line is rising as prices are falling,which is bearish.162 Chapter 7
INTERPRETATION OF VOLUMEFOR ALL MARKETS
The level of volume measures the intensity or urgency behind theprice move. Heavier volume reflects a higher degree of intensityor pressure. By monitoring the level of volume along with priceaction, the technician is better able to gauge the buying or sellingpressure behind market moves. This information can then be usedto confirm price movement or warn that a price move is not to betrusted. (See Figures 7.3 and 7.4.)
To state the rule more concisely, volume should increase orexpand in the direction of the existing price trend. In an uptrend, vol-ume should be heavier as the price moves higher, and shoulddecrease or contract on price dips. As long as this pattern contin-ues, volume is said to be confirming the price trend.
 
10/27/97 (MCD) Mcdonalds Corp
 
Daily Bar Chart
Price Breakout
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Volume Increasing Volume
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Figure 7.3. The upside price breakout by McDonalds through theNovember 1997 peak was accompanied by a noticeable burst of tradingactivity. That’s bullish.Volume and Open Interest 163
   
         
 
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Daily Bar Chart
       
 
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Figure 7.4 The volume bars are following Intel’s price uptrend. Volume isheavier as prices are rising, and drops off as prices weaken. Notice the burstof trading activity during the last three days’ price jurnp.
  
 
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The chartist is also watching for signs of divergence (there'sthat word again). Divergence occurs if the penetration of a previ-ous high by the price trend takes place on declining volume. Thisaction alerts the chartist to diminishing buying pressure. If thevolume also shows a tendency to pick up on price dips, the ana-lyst begins to worry that the uptrend is in trouble.
Volume as Confirmation in Price Patterns
During our treatment of price patterns in Chapters 5 and 6, volumewas mentioned several times as an important confirming indicator.One of the first signs of a head and shoulders top occurred whenprices moved into new highs during the formation of the head onlight volume with heavier activity on the subsequent decline to theneckline. The double and triple tops saw lighter volume on each suc-cessive peak followed by heavier downside activity. Continuation164 Chapter 7
 
patterns, like the triangle, should be accompanied by a gradual dropoff in volume. As a rule, the resolution of all price patterns (thebreakout point) should be accompanied by heavier trading activityif the signal given by that breakout is real. (See Figure 7.5.)
In a downtrend, the volume should be heavier duringdown moves and lighter on bounces. As long as that pattern con-tinues, the selling pressure is greater than buying pressure and thedowntrend should continue. It’s only when that pattern begins tochange that the chartist starts looking for signs of a bottom.
Volume Precedes Price
By monitoring the price and volume together, we’re actuallyusing two different tools to measure the same thing—pressure. By
 
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