The repeating retail-trader emotional sequence — Optimism → Excitement → Euphoria → Anxiety → Denial → Fear → Panic → Capitulation → Regret → Repeat — that maps directly onto the four Wyckoff phases. In VSA terms: Euphoria corresponds to distribution (the herd buys eagerly while professionals sell into them) and Panic corresponds to accumulation (the herd capitulates while professionals absorb the supply). The professional's career is built on exploiting this cycle: doing the opposite of the herd at each emotional extreme.