A friend of mine wrote a book on chaos theory applied to the stock market, of which I was one of the reviewers.
If I remember from over 20 years ago, the market could be in several different states including more random versus coherent states, and a key driver is the flow.
If there’s significant money flow into a market it can be driven and maintained into coherent positive state and vice versa.
In between increasing and decreasing coherent markets you get more chaotic markets.
An intuitive behavior but there is high level mathematics and a model with potential wells in the analysis.
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