Perhaps> but the dynamics of sentiment ager a market has been DECIMATED for some years might be different( maybe they have looked into that ).
http://www.marketwat...orse-2014-10-07
Is this enough to stop a rally over the next few weeks?
"That was an extraordinary development. We’ve rarely seen one-day changes in the HGNSI that big, and on those few occasions, it’s been because of a correspondingly large jump in prices. We received emails Thursday night from subscribers to our sentiment service, wondering if the HGNSI jump that we reported had been a typo.
It was not a typo. Clearly, there was eagerness on many gold timers’ part to declare a bottom. That is something rarely seen when the market is really bottoming out.
Contrarians, therefore, were not surprised when gold plunged on Friday by more than $20 an ounce.
Those developments are depressing not just because gold lost a lot of ground. It also suggests that I was jumping the gun in declaring that the low HGNSI level reflected a high-enough level of despair and pessimism to mark a bottom.
On the contrary, we now know — courtesy of the HGNSI’s jump late last week — that gold timers’ bearishness was only skin-deep, and that they stand ready to become bulls again at the drop of a hat. True bottoms typically are accompanied by bearishness that is much more stubbornly held than that.
Might Friday’s unexpected plunge be enough to convert the erstwhile bears into stubborn ones? Early indications are not encouraging. As of Monday evening, for example, the HGNSI stood at minus 34.4%. While that is lower than last Thursday’s minus 15.6% reading, it remains 12.5 percentage points higher than where it stood before last Thursday."