hard · Volume Profile Analysis reference-levels-migration

What auction-theory principle best describes the implication of this open?

1. The open at 19,480 confirms the composite value area is expanding upward because price is still near the top of the range
2. Opening below the prior close is always bearish regardless of composite value area position
3. The composite VAH at 19,500 becomes a floor guarantee once price spent a session above it
4. Opening inside the composite value area after closing above the VAH suggests the prior day's probe above value was rejected; the market is returning to the accepted range and may seek the composite POC at 19,350

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