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I am yet to meet any "smart money" traders. Back in the 80s and much of the 90s this indicator was among the best at calling tops and bottoms. Except then it was the "dumb money": indicator. Meaning, in bygone years the present reading would be saying the market is about to head up and in a meaningful way. I notice in the article there is no mention of this indicator before 1999. All sorts of traders used this indicator prior to 1999 but completely opposite to how it is portrayed in the article.
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Thank you for bringing forth the knowledge you have in these areas.
Enjoy the holiday period.
Take care,
Catch