The issue I have with these theories of price manipulation is that the bias of traders stated is not reflected by live sentiment data. These theories always take as a starting point that in a consistent uptrend, the majority of private retail traders are long.
Usually, when price is in a consistent uptrend, we are seeing the reverse, they are mostly short.
We are usually seeing live broker client sentiment data indicating the majority of clients with open positions in uptrends are short. The converse also applies - when price is in a consistent downtrend, the majority of clients with open positions are long.
So I have to be sceptical from the very start.