hard · Volume Spread Analysis climaxes-tests-springs-upthrusts
A futures contract prints a wide-spread up-bar on climactic, well-above-average volume that closes in the middle of its range at the top of a sustained advance — a probable Buying Climax. The next bar is an up-bar with a HIGHER high but on sharply lower volume and a narrower spread, closing weakly.
Applying Wyckoff/VSA effort-versus-result logic, what is the strongest interpretation?
- The higher high invalidates the climax reading; since price is still advancing to a fresh new high, the trend clearly remains intact, and the thin bar is just a healthy pause
- The new high on diminishing volume and narrowing spread is a No-Demand bar confirming the Buying Climax — professional buying has withdrawn and supply is poised to take control
- The low-volume up-bar is actually a Spring setting up the next leg higher, because reduced volume on any up-bar is always read as a clear absence of overhead supply pressing on price
- The mid-range close on the climax bar proves demand had already failed there, so the later higher-high bar is in fact the true Buying Climax, and the earlier bar was merely an Upthrust
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