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Towards the end of an intermediate or major rise, while the top is forming on the price chart, it is frequently observed that the odd-lot buying increases sharply.

This warns the chartist that the formation in progress is quite likely to be a top.

Similarly, at the opposite end of the market cycle, towards the end of an intermediate or major decline, usually while the bottom is being formed on the price chart, it is characteristic that an increase is noticed in odd-lot selling again alerting the chartist that a bottom is becoming a greater likelihood.

Thus, in the aggregate, the odd-lot trader is one who buys at the tops and sells at the bottoms, notwithstanding occasional individual exceptions.