hard · Volume Spread Analysis effort-vs-result-spread

After a sharp decline, a market rallies for four bars, each with expanding spread and rising volume, closes strong throughout. On bar five, volume falls to the lowest of the rally, yet the spread is the widest of all five bars and the close is at the high.

How should this fifth bar be interpreted within effort-vs-result logic?

  1. Falling volume automatically invalidates the bar, so it must be excluded from the analysis entirely
  2. The best result yet on the least effort suggests absent selling rather than fresh demand, warranting caution here
  3. It confirms the strongest possible buying signal, since a wide spread and strong close are always bullish irrespective of volume
  4. This is textbook accumulation completion, because spread expansion always requires proportionally higher volume to be valid

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