BTW, I've have seen that typical "bubble curve" so many times. And one thing does not leave my mind: it is all so much relative.
I can easy speculate that named as "despair" phase is just a small "bear trap" dent in a much MUCH bigger cycle. Like this:
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Yes, prices tend to move like this in many different time frames, it all just depends on what time frame you are looking at. Thanks for sharing that. It's a neat chart!
ha ha...i mastered this chart myself in a few minutes, from the same widely seen prototype. :)