hard · Volume Spread Analysis climaxes-tests-springs-upthrusts

Inside a distribution range, price pokes above resistance on a wide up-bar with volume HIGHER than the recent average and closes back inside the range near the low — a probable upthrust. Two bars later, price again pushes to the same high but on conspicuously LOW volume and again closes weak. Reading the PAIR together, the strongest Wyckoff conclusion is:

1. The low-volume second push is a no-supply test that negates the upthrust, since light volume at resistance is read as an absence of willing sellers, favoring a coming breakout.
2. Only the first bar really matters; the second push is noise, since one high-volume upthrust already confirms the top, and later low-volume bars add no additional diagnostic information.
3. The pair is simply a Buying Climax followed by its secondary test, since two consecutive pushes to essentially the same high level define a climax-and-test sequence regardless of the accompanying volume.
4. The high-volume upthrust shows supply, and the low-volume retest of the high confirms demand is now absent — together a 'no-demand after upthrust' read that strengthens the case for markdown.

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