No intention to discredit what you're getting at in your post, but there's contradictory info here. You seem to be referring to "the crowd" in a way that makes me think you mean "the ET crowd". The fund managers (including the weaker ones who will jump in late on any move), ARE the crowd. That's the big money that moves price. NE, you have the scenario spot on. These asset managers late to the party are the ones who BUY STRENGTH and will force that last climactic run that the earlier smart money will eventually begin to sell into. BUT the earlier smart money will stay in the game all the way up as this happens, because their average price is far lower and their systems are designed to follow trends until they end. I recommend that "the ET crowd" (which I'm guessing is mainly day traders and short term swing traders) not underestimate just how far price can run in a given direction before reversing as a result of this trend-following majority. By following "the crowd" (the real crowd), us peons can make the easy money. When you're a day trader, or short term swing trader, there's a lot of easy money to made by being a dumbass trader. My fastest, easiest, no-heat trades have been buying above resistance and selling below support.