medium · Volume Spread Analysis wyckoff-phases-schematics

How can a cultural tendency for 'Weak Holders' to cling to losing positions for years out of loyalty — rather than capitulating — prolong a bear market, compared with markets where weak holders sell quickly?

1. Government intervention had convinced them to sell early at the top, preventing any genuine 'Buying Climax' from ever forming there.
2. They engaged in aggressive 'Market Rotation' too quickly, causing the broader index to churn sideways for an extended period.
3. A culture of loyalty led them to hold positions for over a decade, delaying the final transfer of stock to strong holders.
4. They relied on 'Tick Volume' figures instead of actual traded share volume, which led to a series of false buy signals.

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