Four Market Phases

Volume Spread Analysis Glossary

The complete Wyckoff market cycle consisting of: (1) Accumulation — professionals quietly buying from weak holders at low prices; (2) Mark-Up — the uptrend as supply is exhausted; (3) Distribution — professionals selling to retail at high prices; (4) Mark-Down — the downtrend as demand is exhausted. VSA signals help identify which phase the market is currently in.

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