Phi is the most irrational number.
In any estimate of the ratio of buyers to sellers, a repeatability in that estimate is a bettable arbitrage when transaction costs are zero. All consumated trades should be equally innoative, suprising to the market.
Market participants in a two sided trade will find that market liquidity is highest when the ratio is Phi, which is unobtainable, by the way. Chart makers when noticing the upper and lower bounds on a trend are measuring the ability of market making trades to keep market risk as an irrational, an unbettable. There is a point when just enough excess of buyers and sellers will always extinguish the arbitrage, the optimal congestion point/
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