Looking at how the market has been reacting within this sideways price structure since late November, especially from a sentiment perspective, it feels like this process may take much longer than I initially expected. The stages I mentioned earlier those tied to real fear still haven’t appeared, and even if price continues to move lower, I don’t think that real fear phase will show up anytime soon. Many participants still see this entire move as not a genuine downturn, but rather as another whale driven shakeout. That’s the key point. If this were truly a period of real fear, people wouldn’t be thinking this way at all.(mignolet)