hard · Volume Spread Analysis

In the 'Cumulative Operator' theory, why is a 'Spring' often followed by a 'Test of the Spring'?

  1. To fill the 'Exhaustion Gap' created by the initial plunge.
  2. To allow 'Weak Holders' a final chance to exit at a profit.
  3. To verify that the supply removed during the shake-out has not returned to the market.
  4. To generate enough 'No Demand' signals to justify a mark-down.

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