Yes you are correct.
They try to tip the specs over early and hope the momentum works in their favor for the rest of the day.
And if the specs are off-side they generally get their way, especially if the rest of the equity complex looks like its standing on a banana peel.
So as prognosticated in January, it appears this year will be a repeat of the year 2000 analog, a Fibonacci 21-years ago this fall.
Next comes tax loss selling into seasonal lows for the broads and then when there are no more excuses PMs should enjoy some interesting ‘catch-up’ into next year (summer).
Cheers