<p>泰瑞达 (NASDAQ: TER) 目前处于其 18 阶段 Adhishthana 周期的第二阶段。从高盛将该股票评级从 <em>卖出</em> 上调至 <em>买入</em> 后，近期出现了一些乐观情绪，但该股票的内部周期结构表明，潜在风险可能正在暗中发展。让我们通过 Adhishthana 框架来分析泰瑞达，以了解为什么这一阶段可能并不像表面上看起来那么支持。</p>
<h3><strong>分析泰瑞达股票的第二阶段结构</strong></h3>
<p>根据 Adhishthana 原则，第二阶段分为两个不同的部分。第一部分是 Sankhya 期，通常以整合或修正行为为特征。接下来是 Buddhi 期，在这一阶段，股票通常会经历强劲、持续的上涨动能。</p>
<p>作为参考，图 1 使用 Carvana 作为例子，展示了教科书式的第二阶段结构。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17094425/Carvana-Phase-2-Buddhi-Move-Adhishthana-.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1200" height="633" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17094425/Carvana-Phase-2-Buddhi-Move-Adhishthana-.png"/></p>
<p>图 1 Carvana 第二阶段示意图 (来源: Adhishthana.com)</p>
<p>然而，在泰瑞达的案例中，结构偏离了这种自然进程。在其 Sankhya 期内，该股票以明显的看涨趋势交易，涨幅超过 165%。这种不对齐通常会在周期内造成结构性压力。当早期强势出现在错误的阶段时，市场往往会在稍后纠正这种失衡，通常是在股票过渡到 Buddhi 时，而不是进一步加速。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17094501/Teradyne-Stock-Phase-Two-.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1200" height="751" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17094501/Teradyne-Stock-Phase-Two-.png"/></p>
<p>图 1 泰瑞达第二阶段 (来源: Adhishthana.com)</p>
<p>泰瑞达现在已进入其 Buddhi 阶段，已经出现了非常早期的回调迹象。这种行为与我们历史上观察到的 Phase 2 不按顺序发展的情况一致。</p>
<p>我们之前在 MP Materials 中强调了类似的风险，当时所有主要机构对该股票持乐观态度。自那时以来，该股票已回调超过 30%，进一步强调了尊重周期结构而非单纯情绪的重要性。</p>
<h3><strong>投资者展望</strong></h3>
<p>尽管高盛最近进行了升级，但泰瑞达的第二阶段结构仍然令人担忧。当股票过渡到周期的潜在修正阶段时，升级往往滞后于潜在风险。</p>
<p>尽管短期内可能仍会出现反弹，尤其是考虑到月度结构仍然支持，但第二阶段内部的不对齐使得风险偏向下行。这种设置表明波动性可能会持续。投资者应谨慎对待该股票，避免追逐当前的反弹。</p>
<p>已经持有该股票的投资者应考虑对其头寸进行对冲，而那些希望入场的投资者则最好暂时推迟任何激进的买入决策。</p>
<p><strong><em>Benzinga 免责声明：本文来自未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

泰瑞达

<p>对泰瑞达股票的分析表明，尽管近期获得了升级，但仍存在隐患。该股票正处于其 Adhishthana 周期的第二阶段，显示出回调的早期迹象。尽管高盛进行了升级，但周期的不对齐表明潜在的波动性。建议投资者谨慎行事，考虑对冲，并推迟激进的买入</p>

<p>Teradyne (NASDAQ: TER) is currently in Phase 2 of its 18-phase Adhishthana cycle on the weekly charts. While recent optimism has surfaced following Goldman Sachs' upgrade of the stock from <em>Sell</em> to <em>Buy</em>, the stock's internal cycle structure suggests that hidden risks may be developing beneath the surface. Let's examine Teradyne through the lens of the Adhishthana framework to understand why this phase may not be as supportive as it appears.</p>
<div class="lb-trans"><p>泰瑞达 (NASDAQ: TER) 目前处于其 18 阶段 Adhishthana 周期的第二阶段。从高盛将该股票评级从 <em>卖出</em> 上调至 <em>买入</em> 后，近期出现了一些乐观情绪，但该股票的内部周期结构表明，潜在风险可能正在暗中发展。让我们通过 Adhishthana 框架来分析泰瑞达，以了解为什么这一阶段可能并不像表面上看起来那么支持。</p>
</div><h3><strong>Analysing Teradyne Stock's Phase 2 Structure</strong></h3>
<div class="lb-trans"><h3><strong>分析泰瑞达股票的第二阶段结构</strong></h3>
</div><p>Under the Adhishthana Principles, Phase 2 unfolds in two distinct segments. The first is the Sankhya period, typically characterised by consolidation or corrective behaviour. This is followed by the Buddhi period, where stocks often experience strong, sustained upside momentum.</p>
<div class="lb-trans"><p>根据 Adhishthana 原则，第二阶段分为两个不同的部分。第一部分是 Sankhya 期，通常以整合或修正行为为特征。接下来是 Buddhi 期，在这一阶段，股票通常会经历强劲、持续的上涨动能。</p>
</div><p>For reference, Figure 1 illustrates a textbook Phase 2 structure using Carvana as an example.</p>
<div class="lb-trans"><p>作为参考，图 1 使用 Carvana 作为例子，展示了教科书式的第二阶段结构。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17094425/Carvana-Phase-2-Buddhi-Move-Adhishthana-.png" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17094425/Carvana-Phase-2-Buddhi-Move-Adhishthana-.png"/></p>
<p>Fig.1 Carvana Phase 2 Illustration (Source: Adhishthana.com)</p>
<div class="lb-trans"><p>图 1 Carvana 第二阶段示意图 (来源: Adhishthana.com)</p>
</div><p>In Teradyne's case, however, the structure has deviated from this natural progression. Throughout its Sankhya period, the stock traded with pronounced bullishness, rallying by more than 165%. This type of misalignment often creates structural stress within the cycle. When early strength appears in the wrong segment, the market frequently corrects the imbalance later, often as the stock transitions into Buddhi rather than accelerating further.</p>
<div class="lb-trans"><p>然而，在泰瑞达的案例中，结构偏离了这种自然进程。在其 Sankhya 期内，该股票以明显的看涨趋势交易，涨幅超过 165%。这种不对齐通常会在周期内造成结构性压力。当早期强势出现在错误的阶段时，市场往往会在稍后纠正这种失衡，通常是在股票过渡到 Buddhi 时，而不是进一步加速。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17094501/Teradyne-Stock-Phase-Two-.png" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17094501/Teradyne-Stock-Phase-Two-.png"/></p>
<p>Fig.1 Teradyne Phase Two (Source: Adhishthana.com)</p>
<div class="lb-trans"><p>图 1 泰瑞达第二阶段 (来源: Adhishthana.com)</p>
</div><p>Teradyne has now entered its Buddhi phase, and very early signs of pullback have already emerged. This behaviour aligns with what we have observed historically when Phase 2 develops out of sequence.</p>
<div class="lb-trans"><p>泰瑞达现在已进入其 Buddhi 阶段，已经出现了非常早期的回调迹象。这种行为与我们历史上观察到的 Phase 2 不按顺序发展的情况一致。</p>
</div><p>We previously highlighted a similar risk in MP Materials, at the point when all major institutions where bullish on the stock. Since then, the stock has corrected by over 30%, reinforcing the importance of respecting cycle structure rather than sentiment alone.</p>
<div class="lb-trans"><p>我们之前在 MP Materials 中强调了类似的风险，当时所有主要机构对该股票持乐观态度。自那时以来，该股票已回调超过 30%，进一步强调了尊重周期结构而非单纯情绪的重要性。</p>
</div><h3><strong>Investor Outlook</strong></h3>
<div class="lb-trans"><h3><strong>投资者展望</strong></h3>
</div><p>Despite the recent upgrade from Goldman Sachs, Teradyne's Phase 2 structure remains concerning. Upgrades that arrive as a stock transitions into a potentially corrective segment of the cycle often lag the underlying risk.</p>
<div class="lb-trans"><p>尽管高盛最近进行了升级，但泰瑞达的第二阶段结构仍然令人担忧。当股票过渡到周期的潜在修正阶段时，升级往往滞后于潜在风险。</p>
</div><p>While short-term rallies may still appear, especially given that the monthly structure remains supportive, the internal misalignment within Phase 2 keeps the risk skewed to the downside. This setup suggests that volatility could persist. Investors should approach the stock with caution and avoid chasing the current rally.</p>
<div class="lb-trans"><p>尽管短期内可能仍会出现反弹，尤其是考虑到月度结构仍然支持，但第二阶段内部的不对齐使得风险偏向下行。这种设置表明波动性可能会持续。投资者应谨慎对待该股票，避免追逐当前的反弹。</p>
</div><p>Investors already holding the stock should consider hedging their positions, while those looking to enter would be better served by delaying any aggressive buying decision for now.</p>
<div class="lb-trans"><p>已经持有该股票的投资者应考虑对其头寸进行对冲，而那些希望入场的投资者则最好暂时推迟任何激进的买入决策。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
</div>

为什么泰瑞达股票当前的上涨比表面上看起来更具风险