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; with price still advancing, the trend is intact and the low-volume bar is simply a healthy pause before continuation
- 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on diminishing volume and narrowing spread is a No-Demand bar confirming the Buying Climax — professional buying has withdrawn and supply is poised to take control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 a Spring setting up the next leg higher, because reduced volume on an up-bar always means absence of supply
- The mid-range close on the climax bar proves demand failed there, so the higher-high bar is the true Buying Climax and the prior bar was merely an Upthrust
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