<p>泰瑞達 (NASDAQ: TER) 目前處於其 18 階段 Adhishthana 週期的第二階段。從高盛將該股票評級從 <em>賣出</em> 上調至 <em>買入</em> 後，近期出現了一些樂觀情緒，但該股票的內部週期結構表明，潛在風險可能正在暗中發展。讓我們通過 Adhishthana 框架來分析泰瑞達，以瞭解為什麼這一階段可能並不像表面上看起來那麼支持。</p>
<h3><strong>分析泰瑞達股票的第二階段結構</strong></h3>
<p>根據 Adhishthana 原則，第二階段分為兩個不同的部分。第一部分是 Sankhya 期，通常以整合或修正行為為特徵。接下來是 Buddhi 期，在這一階段，股票通常會經歷強勁、持續的上漲動能。</p>
<p>作為參考，圖 1 使用 Carvana 作為例子，展示了教科書式的第二階段結構。</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>圖 1 Carvana 第二階段示意圖 (來源: Adhishthana.com)</p>
<p>然而，在泰瑞達的案例中，結構偏離了這種自然進程。在其 Sankhya 期內，該股票以明顯的看漲趨勢交易，漲幅超過 165%。這種不對齊通常會在週期內造成結構性壓力。當早期強勢出現在錯誤的階段時，市場往往會在稍後糾正這種失衡，通常是在股票過渡到 Buddhi 時，而不是進一步加速。</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>圖 1 泰瑞達第二階段 (來源: Adhishthana.com)</p>
<p>泰瑞達現在已進入其 Buddhi 階段，已經出現了非常早期的回調跡象。這種行為與我們歷史上觀察到的 Phase 2 不按順序發展的情況一致。</p>
<p>我們之前在 MP Materials 中強調了類似的風險，當時所有主要機構對該股票持樂觀態度。自那時以來，該股票已回調超過 30%，進一步強調了尊重週期結構而非單純情緒的重要性。</p>
<h3><strong>投資者展望</strong></h3>
<p>儘管高盛最近進行了升級，但泰瑞達的第二階段結構仍然令人擔憂。當股票過渡到週期的潛在修正階段時，升級往往滯後於潛在風險。</p>
<p>儘管短期內可能仍會出現反彈，尤其是考慮到月度結構仍然支持，但第二階段內部的不對齊使得風險偏向下行。這種設置表明波動性可能會持續。投資者應謹慎對待該股票，避免追逐當前的反彈。</p>
<p>已經持有該股票的投資者應考慮對其頭寸進行對沖，而那些希望入場的投資者則最好暫時推遲任何激進的買入決策。</p>
<p><strong><em>Benzinga 免責聲明：本文來自未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>

泰瑞達

<p>對泰瑞達股票的分析表明，儘管近期獲得了升級，但仍存在隱患。該股票正處於其 Adhishthana 週期的第二階段，顯示出回調的早期跡象。儘管高盛進行了升級，但週期的不對齊表明潛在的波動性。建議投資者謹慎行事，考慮對沖，並推遲激進的買入</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>泰瑞達 (NASDAQ: TER) 目前處於其 18 階段 Adhishthana 週期的第二階段。從高盛將該股票評級從 <em>賣出</em> 上調至 <em>買入</em> 後，近期出現了一些樂觀情緒，但該股票的內部週期結構表明，潛在風險可能正在暗中發展。讓我們通過 Adhishthana 框架來分析泰瑞達，以瞭解為什麼這一階段可能並不像表面上看起來那麼支持。</p>
</div><h3><strong>Analysing Teradyne Stock's Phase 2 Structure</strong></h3>
<div class="lb-trans"><h3><strong>分析泰瑞達股票的第二階段結構</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>根據 Adhishthana 原則，第二階段分為兩個不同的部分。第一部分是 Sankhya 期，通常以整合或修正行為為特徵。接下來是 Buddhi 期，在這一階段，股票通常會經歷強勁、持續的上漲動能。</p>
</div><p>For reference, Figure 1 illustrates a textbook Phase 2 structure using Carvana as an example.</p>
<div class="lb-trans"><p>作為參考，圖 1 使用 Carvana 作為例子，展示了教科書式的第二階段結構。</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>圖 1 Carvana 第二階段示意圖 (來源: 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，在泰瑞達的案例中，結構偏離了這種自然進程。在其 Sankhya 期內，該股票以明顯的看漲趨勢交易，漲幅超過 165%。這種不對齊通常會在週期內造成結構性壓力。當早期強勢出現在錯誤的階段時，市場往往會在稍後糾正這種失衡，通常是在股票過渡到 Buddhi 時，而不是進一步加速。</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>圖 1 泰瑞達第二階段 (來源: 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>泰瑞達現在已進入其 Buddhi 階段，已經出現了非常早期的回調跡象。這種行為與我們歷史上觀察到的 Phase 2 不按順序發展的情況一致。</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>我們之前在 MP Materials 中強調了類似的風險，當時所有主要機構對該股票持樂觀態度。自那時以來，該股票已回調超過 30%，進一步強調了尊重週期結構而非單純情緒的重要性。</p>
</div><h3><strong>Investor Outlook</strong></h3>
<div class="lb-trans"><h3><strong>投資者展望</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>儘管高盛最近進行了升級，但泰瑞達的第二階段結構仍然令人擔憂。當股票過渡到週期的潛在修正階段時，升級往往滯後於潛在風險。</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>儘管短期內可能仍會出現反彈，尤其是考慮到月度結構仍然支持，但第二階段內部的不對齊使得風險偏向下行。這種設置表明波動性可能會持續。投資者應謹慎對待該股票，避免追逐當前的反彈。</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>已經持有該股票的投資者應考慮對其頭寸進行對沖，而那些希望入場的投資者則最好暫時推遲任何激進的買入決策。</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 免責聲明：本文來自未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>
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為什麼泰瑞達股票當前的上漲比表面上看起來更具風險