That's relative momentum cross sectionally (and only in stocks FWIW). The OP is talking about absolute momentum (call it trend following if you are confused)
If you got a bunch of nerdz in a room, looking at sensors hooked up to a boxer's body, they would see a fractal there too. Until the champ switches up his tempo and launches a sledge hammer, right to the face!
Much like any mental model, it’s a useful lens to interpret & generate meaning from the world. The Sierpinski Triangle makes a compelling case of an underlying order. Published 1994
Professional writers / talkers must earn $$$$ by writing / talking. The more they write/talk about fractal, the more people believe in it. They spend little time looking at the charts. In the real world, the market moves in a fractured/fragmented manner.