medium · Volume Profile Analysis reference-levels-migration

What is the most accurate volume-profile interpretation of this composite POC migration pattern?

1. A rising composite POC merely confirms that progressively more volume is printing at higher prices on each successive day, which makes a short position the more appropriate stance here because prices have now clearly become overextended and stretched.
2. POC migration between successive sub-composites is just a mechanical artifact of how the composite volume is calculated across overlapping rolling windows; it carries no real directional signal and should be ignored entirely when forming any decision.
3. Successive composite POCs each building above the prior sub-composite VAH indicate a structured upward value migration; the market is continually discovering and accepting new value above the prior accepted range, confirming a bullish structural progression.
4. The composite POC migration only becomes structurally significant once it has decisively cleared the monthly VAH; until that level is finally crossed, the apparent upward drift simply reflects ordinary intraday noise contained within a sideways trading range.

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