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to the unpalatable truth that prices may actually decline. The interesting point to note is that this fear does not translate into action, as we will see in a later chart. Fear among market participants is initially manifested as paralysis, as they face mounting evidence that their opinion is wrong.

The Confirmation of the New Trend

      Crowd sentiment changes at this point. The downward spikes in price shake more of the bulls from their positions, and they join the bears. The crowd now starts to look for justification of its opinion in the underlying fundamentals of price. Note that price comes before fundamentals. Fundamentals serve merely to reinforce existing feelings about a move.

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