hard · Volume Spread Analysis wyckoff-phases-schematics
Two analysts are studying the same distribution range on different timeframes. On the daily chart, a Phase C rally shows a wide-spread up-bar closing near its high on volume well above average — at first glance a bullish-looking bar. On the intraday chart for that same session, the advance stalls and reverses hard in the final hour, with over half the day's total volume printing in that final hour as price gives back most of the gain, though the daily bar still manages to close in its upper third.
Which interpretation correctly reconciles the daily bar with the intraday footprint?
- The daily bar's strong close overrides the intraday detail, so the bar should be read as genuine demand entering the market.
- The concentrated final-hour reversal reveals supply absorbing the rally, making the bar more suspect than its close suggests.
- Intraday volume distribution is irrelevant to VSA, which only evaluates the completed daily bar's spread, close, and total volume.
- The heavy final-hour volume with a partial giveback is itself proof of a Spring, since supply was clearly being tested and absorbed.
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