## Change of Character (CHoCH)

The Change of Character (Ch.19) marks a critical transition between trend and consolidation phases. The book identifies two CHoCH moments in a complete cycle:

1. **First CHoCH — Trend → Range:** In accumulation, a downtrend shifts into sideways movement (Phase A). This is detected when Preliminary Support and Selling Climax events appear in sequence. In distribution, an uptrend flattens into a range marked by Preliminary Supply and Buying Climax.

2. **Second CHoCH — Range → Trend:** The SOS/SOW breakout that breaks the structure boundary signals the transition from consolidation back into a trending state.

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