VSA System Explained PDF

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Copyiight, Legal Notice anu Bisclaimei:

Copyiight 2u11 By uavin Bolmes. All iights ieseiveu

This publication is piotecteu unuei the 0S Copyiight Act of 1976
anu all othei applicable inteinational, feueial, state anu local laws,
anu all iights aie ieseiveu, incluuing iesale iights
No pait of this publication may be iepiouuceu, stoieu in a
ietiieval system, oi tiansmitteu in any foim oi by any means,
electionic, mechanical, photocopying, iecoiuing, scanning oi
otheiwise, except as peimitteu unuei section 1u7 oi 1u8 of the
0S Copyiight Act of 1976, without eithei the piioi wiitten
peimission of the publishei.

All chaits heiein aie pioviueu with the peimission of
Tiaueuuiuei Systems Inteinational (www.tiaueguiuei.com)
Limit of Liability anu Bisclaimei of Waiianty: The publishei has
useu its best effoits in piepaiing this book, anu the infoimation
pioviueu heiein is pioviueu foi euucational puiposes only. The
publishei makes no iepiesentation oi waiianties with iespect to
the accuiacy oi completeness of the contents of this book anu
specifically uisclaims any implieu waiianties of meichantability
oi fitness foi any paiticulai puipose anu shall in no event be
liable foi any loss of piofit oi any othei commeicial uamage,
incluuing but not limiteu to special, inciuental, consequential, oi
othei uamages.

Tiauing Stocks, Commouities, Futuies, 0ptions on Futuies, anu
ietail off-exchange foieign cuiiency tiansactions involves
substantial iisk of loss anu is not suitable foi all investois. You
shoulu caiefully consiuei whethei tiauing is suitable foi you in
light of youi ciicumstances, knowleuge, anu financial iesouices.
You may lose all oi moie of youi initial investment. 0pinions,
maiket uata, anu iecommenuations aie subject to change at any
time.

ISBN: 978-u-98S6268-1-7
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This is a biief explanation about Tiaueuuiuei anu the
unueilying methouology of volume Spieau Analysis. We will
be showing examples of how piofessional activity is cleaily
visible in all maikets anu in all timefiames, if you know what
you aie looking foi.

Tiaueuuiuei is baseu on a methouology calleu volume
Spieau Analysis.

volume Spieau Analysis (vSA) is a piopiietaiy maiket
analysis methou that was conceiveu by Tom Williams
(Chaiiman of Tiaueuuiuei Systems). vSA is utilizeu in the
Tiaueuuiuei softwaie to analyze a maiket by obseiving the
inteiielationship between volume, piice, anu spieau of the
piice bai (often known as the iange of a piice bai). This
methou is paiticulaily goou at highlighting imbalances of
supply anu uemanu.

Tiaueuuiuei was pieviously known as Wyckoff vSA (volume
Spieau Analysis) anu has been in existence foi ovei 2u yeais.
Tiaueuuiuei is unique uue to it being uiiven by an aitificial
intelligence engine. This softwaie is capable of analyzing any
liquiu maiket, in any time fiame, anu extiacting the
infoimation it neeus to inuicate imbalances of supply anu
uemanu on a chait. In uoing so, Tiaueuuiuei is able to
giaphically show the essential foice that moves eveiy maiket.

The softwaie woiks in eithei Real-Time (RT) oi Enu-of-Bay
(E0B) moues, anu enables useis to see when piofessional
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money is enteiing, exiting, oi not paiticipating in the maiket
they aie tiauing. This empoweis clients to make moie
intelligent, timely, anu infoimeu uecisions. Tiaueuuiuei is a
ievolutionaiy concept that can be useu on its own oi in
conjunction with othei tiauing softwaie platfoims, making it
an iueal choice foi uecision suppoit anu auuing value to uata
venuoi platfoims. The softwaie combines ease of use with
the best supply anu uemanu analysis in the business. The
extensive Expeit System has an innate unueistanuing of
maiket uynamics combineu with volume, which means that it
is capable of analyzing supply anu uemanu in any liquiu
maiket.

The inuicatois aie uisplayeu automatically on the chait.
Theie is no configuiation, no setting of paiameteis, anu no
optimization. We believe if a system iequiies optimization to
make it woik, then the base methouology of that system
cannot have been sounu in the fiist place, since the piocess of
optimization is useu to covei up a whole iange of flaws in an
oiiginal analysis methou(s). Insteau, oui concepts aie iobust
anu can be applieu to any timefiame, with consistent iesults.
The sophisticateu Expeit System is augmenteu by a novel set
of piopiietaiy tools, which confiim tiaue set-ups as they
appeai in any time fiame anu in any maiket.

As we saiu eailiei, this is not a new concept, anu Tom
Williams who inventeu vSA was himself a synuicate tiauei
who coulu see that the maikets weie manipulateu anu that
the key to unlocking the tiuth lay in the ielationship between
the volume, the iange (oi spieau) of the bai, anu the closing
piice. Tom spent many yeais stuuying the concepts of
Richaiu Wyckoff who was a tiauei uuiing the 192u anu Su's,
anu wiote seveial books on the Naiket, eventually setting up
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the "Stock Naiket Institute" in Phoenix, Aiizona. At its coie,
Wyckoff's woik is baseu on the analysis of tiauing ianges,
anu ueteimining when stocks aie in 37C)"8, 07$4&%9",
&)C#$)3'#)%", oi 07$4'D phases. Incoipoiateu into these
phases aie the ongoing shifts between 'weak hanus' (public
owneiship) anu 'composite opeiatoi ', now commonly known
as ,07$# ;%"2<.

Tom left Beveily Bills in the eaily 198u's anu went back to
Englanu. 0nce theie, he began to investigate the possibilities
of computeiizing the system he hau leaint as a synuicate
tiauei. This began the evolution of volume Spieau Analysis.
Togethei with an expeiienceu computei piogiammei, Tom
caiefully stuuieu many thousanus of chaits to iecognize the
obvious patteins that weie left when piofessional oi smait
money was active. This methouology, although simple in
concept, took many yeais to wiite anu is now taught as a
methouology combineu with the softwaie calleu Tiaueuuiuei.

volume Spieau Analysis seeks to establish the cause of piice
movements. The 'cause' is quite simply the imbalance
between Supply anu Bemanu oi stiength anu weakness in
any liquiu maiket, which is cieateu by the activity of
piofessional opeiatois, oi Smait Noney. If you use the
Tiaueuuiuei softwaie you will see that it uoes an excellent
job of uetecting these key imbalances foi you, taking the haiu
woik out of ieauing the maikets anu enabling you to fully
concentiate on youi tiauing.

The significance anu impoitance of volume appeais little
unueistoou by most non-piofessional tiaueis. Peihaps this is
because theie is veiy little infoimation anu limiteu teachings
available on this vital pait of technical analysis. To use a
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chait without volume is similai to buying an automobile
without a gasoline tank.

Foi the coiiect analysis of volume, one neeus to iealize that
the iecoiueu volume infoimation contains only half of the
meaning iequiieu to aiiive at a coiiect analysis. The othei
half of the meaning is founu in the piice iange oi spieau.
volume always inuicates the amount of activity going on; the
coiiesponuing piice spieau shows the piice movement on
that volume. Nany tiaueis believe you cannot analyze
volume in the F0REX maikets because it is unavailable, but
we will show you how Tiaueuuiueis piopiietaiy system can
uo something that most tiaueis thought weie impossible (I
will uiscuss moie about this latei).

Some technical inuicatois attempt to combine volume anu
piice movements togethei. Rest assuieu that this appioach
has limitations, because at times the maiket will go up on
high volume, but can uo exactly the same thing on low
volume. Piices can suuuenly go siueways, oi even fall off, on
exactly the same volume! So, theie aie obviously othei
factois at woik.

Piice anu volume aie intimately linkeu, anu the
inteiielationship is a complex one, which is the ieason
Tiaueuuiuei was uevelopeu in the fiist place. The system is
capable of analyzing the maikets in ieal-time (oi at the enu
of the uay) while uisplaying any one of 4uu inuicatois on the
scieen to show imbalances of supply anu uemanu.

(Foi moie infoimation please visit 999E#$7&28')&2$E(%0).

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C(+) &/ + ;"H.0- /#%-+, +E+H$/&/
/-I.-E)&+H )%+,- /-) .#

volume Spieau Analysis, oi vSA as I shall now iefei to it, was
uevelopeu to analyze imbalances of supply anu uemanu in
any maiket anu in any timefiame, howevei, what many
tiaueis anu investois seem to miss is that the vSA
methouology uoes not just analyze one piice bai at the iight
euge of the chait but actually analyzes piice bais in
sequences.

Since Tom Williams uevelopeu the system ovei twenty yeais
ago, many veiy clevei inuiviuuals have attempteu to piogiam
in theii own veision of vSA. I have uownloaueu seveial so-
calleu vSA piogiams that have maue claims to being the
same as Toms oiiginal woik, anu you can bet that they aie so
inaccuiate anu incoiiectly piogiammeu that they show the
tiue vSA methou in a pooi light.

Tom Williams' genius appioach to piogiamming vSA the
iight way was he knew when to put in iestiictions so that
you uo not get signals appeaiing on eveiy bai. It is a bit like
ueveloping a computei piogiam to plan the peifect gaiuen
paity. The piogiam woulu neeu to ask questions of the
peison inputting the infoimation to give the coiiect output,
such as:

1. Bow many people attenuing the paity.
2. Is the weathei foiecast goou oi bau.
S. Aie theie vegetaiians that iequiie a special menu. Etc.

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The wonueiful thing about the Tiaueuuiuei system is that
Tom, thiough his extensive expeiience as a foimei synuicate
tiauei using the Wyckoff methou, has answeieu all the
questions foi us, anu so we get signals in the Tiaueuuiuei
softwaie anu auu in stuuies foi TiaueStation, eSignal,
Netatiauei4, anu othei packages we aie woiking on.
Although vSA piouuces a signal on an inuiviuual bai, theie
aie sequences of signals that give a much highei piobability
of a maiket tuin oi a tienu change. If iules aie followeu, as
explaineu in my book "Tiauing in the Shauow of the Smait
Noney", then you begin to tiaue in haimony with the big
playeis that aie moving the maiket anu not against them.

Let me give you an example of a sequence that iecently
appeaieu in the Silvei maiket that was pickeu up by the
scannei in the enu of uay veision of Tiaueuuiuei on the 2S
th

of Apiil, a week BEF0RE the 27% collapse in the commouity
silvei. Note that the scannei picks up a clustei of ieu
inuicatois, which is extiemely significant. When
accumulation oi uistiibution occuis, it takes some time foi
Smait Noney to complete the piocess, which is why the
sequences I am going to shaie with you appeai within 2S
bais of the maiket tuin. Eveiy tiaueis anu investois uieam is
to know when a maiket top oi bottom is being foimeu, anu in
this shoit book you have the sequences that maik the top anu
bottom of the maiket.

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1u

(Please Zoom In)

This is the Tiaueuuiuei chait of silvei showing the scannei
that pickeu up seveial Signs of Weakness (S0W) uuiing late
Apiil 2u11. This was showing "Smait Noney" uistiibution at
the enu of Apiil - The iesult was a 27% fall in silvei piices in
eaily Nay 2u11. So what was the sequential vSA set up. Lets
look.

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(Please Zoom In)

61)C (17$# )C (%'$#2C< %: 6$7&2?')&2$ ,<C#20C F
6$7&2?')&2$ GHI (17$# %: &7)B< C)B@2$ (%"#$7(#E

The sequence at A, B, anu C maiks a maiket top. The vSA
inuicatoi numbeis aie as follows (in this little book you will
finu an explanation foi each inuicatoi that can be founu in the
Tiaueuuiuei softwaie anu vSA auu in stuuies):

!"#$% ' - S0W 1 - The Buying Climax (Stait of uistiibution)
!"#$% ( - S0W 1u4 - Supply Coming In (also has the appeaiance of
an 0pthiust)
!"#$% ) - S0W 199 - No Bemanu (No Bemanu at maiket top)
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
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vSA sequence is S0W 1 followeu by S0W 1u4 anu S0W 199.
It is confiimeu at point B, which closes lowei than point C.
(Note - when you see a No Bemanu bai B0 N0T shoit at
maiket, place a sell oiuei a few ticks below the No Bemanu
bai. No Bemanu neeus confiimation fiom the next bai, which
shoulu close oi move lowei).

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(Please Zoom In)

J17$# (%'$#2C< %: !":)")#< -6 (17$#C F C)B@2$ ,! KL )"#$7&7<
(17$# C1%9)"8 C)8"C %: 9274"2CC C2M'2"(2 NE

You may ask why I woulu be ievealing this poweiful
infoimation publicly, why not just keep it to myself anu tiaue
the sequences. Well, we aie going to uo exactly that, open a
funu anu auto tiaue the system anu I have a team in place to
uo that, but as I explaineu in my book, I maue a piomise to
Tom in 2uu2 that I woulu not be selfish with the infoimation
he taught me anu woulu always shaie willingly the
knowleuge I have gaineu.
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By uoing so I have hau the goou foitune to make new fiienus,
meet some of the most inteiesting people in the woilu anu be
blesseu with the ability to help otheis which is the most
iewaiuing thing any human being can uo. So you can piove to
youiself that this system can help you, I am giving you a
chance to tiy it foi the futuies oi F0REX maiket absolutely
fiee foi one month, incluuing the chaiting softwaie, the vSA
signals as uetaileu in this book, the uata feeu anu the tiaining
foi one month. At the enu of the month, if you have put in the
necessaiy effoit on youi pait, you will be a "Smait Noney"
tiauei.

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0nce you aie set up with the chaits please email Baiien
Bolmes at uaiienhtiaueguiuei.com oi call him uiiectly at
S12-S7S-6296. Baiien will set you up with the vSA signals
anu tiaining mateiials with my best wishes.

I look foiwaiu to teaching you how to tiaue in haimony with
the "Smait Noney".

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/8?98@A8 4 g h8f6P>N8 BJL_@ :@ B:NW85i
S0W 1 The Buying Climax (Stait of uistiibution)
S0W 1u4 Supply Coming In (also has the appeaiance of an 0pthiust)
S0W 199 No Bemanu (No Bemanu at maiket top)

/8?98@A8 2 g h8f6P>N8 B:NW85 :@<5676O &@M:@:<O +) AJ65<i
S0W 26 Supply Coming In
S0W 146 No Bemanu

/8?98@A8 \
S0W 9u Possible Biuuen Selling
S0W 198 No Bemanu

/8?98@A8 Z
S0W 1S4 No Bemanu
S0W 1u 0pthiust
S0W 1S4 No Bemanu

/8?98@A8 U
S0W S Enu of a Rising Naiket
S0W 2 0pthiust
S0W 6 No Bemanu
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/8?98@A8 b
S0W 89 Potential Climactic Action
S0W 86 Faileu Test
S0W 96 0pthiust Aftei Weakness

/8?98@A8 T
S0W 97 Reveisal Aftei Effoit To Rise
S0W 1u 0pthiust
S0W 1u6 No Bemanu

/8?98@A8 c
S0W 1u8 Top Reveisal
S0W 1u 0pthiust
S0W 19S No Bemanu

/8?98@A8 [
S0W 1S9 Supply 0veicoming Bemanu
S0W 1u1 0pthiust
S0W 127 No uemanu

/8?98@A8 43
S0W 21 Enu of a Rising Naiket
S0W 28 No Bemanu
S0W S4 No uemanu

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/8?98@A8 4
S0S 147 Bemanu 0veicoming Supply
S0S 1S4 No Supply Test
S0S 198 No Supply

/8?98@A8 2
S0S 1S7 Potential Climactic Action
S0S 1SS Stopping volume
S0S 96 Test

/8?98@A8 \
S0S 78 Bottom Reveisal
S0S 116 Test
S0S 86 No Supply Test

/8?98@A8 Z
S0S 74 Potential Climactic Action Shakeout
S0S 146 Test
S0S 199 No Supply

/8?98@A8 U
S0S S7 Two Bai Reveisal
S0S 1S4 Test No Supply
S0S 198 No Supply

/8?98@A8 b
S0S 4S Shakeout
S0S 49 Test of Supply Aftei Shakeout
S0S 199 No Supply
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
19

/8?98@A8 T
S0S S6 Bag Boluing
S0S 29 Test of a Bieakout
S0S Su Test in a Rising Naiket

/8?98@A8 c
S0S 122 Potential Piofessional Buying
S0S 11 Basic Test
S0S 81 No Supply Test

/8?98@A8 [
S0S 8S Potential Selling Climax
S0S 1S4 No Supply Test
S0S 147 Bemanu 0veicoming Supply

/8?98@A8 43
S0S 99 Reveisal 0vei Two Bais
S0S 198 No Supply
S0S 199 No Supply

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N")-j None.

F65 ,8BA5:><:L@j
A high to ultia high volume up bai closing in the miuule shows supply
oveicoming uemanu anu inuicates piofessional selling. In oiuei to sell the
piofessionals have to unloau into a iising maiket by selling to the heiu. If
they solu on uown bais piices woulu fall too iapiuly against them. This
bai shoulu be into new fiesh high giounu.

F6AKS5L9@7j
Theie shoulu be an up move behinu you. Eventually the heiu panic foi
feai of missing out on highei piices anu buy on the goou news. The
piofessional gioups will then sell into this fienzy of buying.

R9<958j
The next bai shoulu be uown to confiim this inuicatoi. Look to the next
few bais foi confiimation. You woulu expect to see upthiusts, no uemanu
up bais anu fuithei up bais on high volume closing in the miuule to
confiim the weakness. Remembei the piofessionals may have fuithei sell
oiueis to execute. This will iequiie them to suppoit the maiket in the
shoit teim. If you see low volume uown bais oi high volume uown bais
closing in the miuule the maiket is not yet ieauy to fall. Bigh volume up
bais on a wiue spieau closing up anu thiough the olu highs iepiesent
absoiption volume anu stiength.

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22
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N")-j None.

F65 ,8BA5:><:L@j
The bai is maikeu up but falls off iapiuly to close on oi neai its low
noimally with an aveiage to wiue piice spieau. The upthiust is a
moneymaking maneuvei by the maiket makeis to catch stops of those
who aie shoit anu tiap the unwaiy into buying. Piices aie maikeu up at
the open often on goou news. Bigh volume shows selling by the
piofessionals while low volume shows theii lack of inteiest in the upsiue.
The bai iesembles a telegiaph pole.

F6AKS5L9@7j
Be veiy caieful heie. Tiue upthiusts appeai when you have WEAKNESS
in the backgiounu. This woulu be chaiacteiizeu by high volume up bais
closing in the miuule anu no uemanu up bais. If theie is stiength in the
backgiounu be veiy cautious. It is likely to be testeu oi may be a false
upthiust.

R9<958j
Following a tiue upthiust expect lowei piices. Fuithei S0W e.g. no
uemanu auus to the weakness. Be waiy of a test with S0W in the
backgiounu as it may well fail. Be cautious if following the upthiust you
see a uown bai with a naiiow spieau with volume lowei than the two
pievious bais. This shows lack of selling piessuie. Also if you see uown
bais on high volume closing off the lows with the next bai up this shows
potential stiength. This woulu neeu to be testeu.

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N")-j None.

F65 ,8BA5:><:L@j
The bai shoulu be a naiiow spieau up bai with high volume anu closing
off the highs anu be into fiesh new high giounu. Theie shoulu be no olu
tiauing ianges at oi neai this level (see below). We know that theie has
been buying by the high volume. If the maiket makeis weie bullish they
woulu have maikeu piices up on this buying. Foi the piice spieau to be
naiiow they must have been willing to supply the maiket without
maiking piices up. This type of action is beaiish.

F6AKS5L9@7j
This is 0NLY vALIB if you have ALREABY SEEN A S0BSTANTIAL 0P
N0vE having taken place. Aftei a peiiou of iising piices you aie
vulneiable to one oi moie piofessional gioups taking piofits. Also as
maikets iise a point will be ieacheu when those tiaueis who have misseu
out on the up move will iush in to buy befoie losing out on this fantastic
bull iun. Even tiaueis that aie alieauy long will auu to theii positions.
They can all be suckeu into a bull maiket at the top. The news will be
'goou'. Bo you have an olu top to the left. If so this coulu be absoiption
volume.

R9<958j
Piices shoulu now uecline. Any up move back into the aiea of supply on
low volume with naiiow spieaus oi with upthiusts is a fuithei S0W. Be
cautious if you now see a uown bai with a naiiow spieau with volume
lowei than the two pievious bais. This shows lack of selling piessuie.
Also if you see uown bais on high volume closing off the lows with the
next bai up this shows potential stiength. This woulu neeu to be testeu.

But iemembei this weakness will not suuuenly uisappeai. When not
appeaiing in genuinely new high giounu this can iepiesent absoiption
volume. Beie the piofessionals aie willing to absoib the supply of lockeu
in tiaueis who hau bought at highei piices. This becomes a sign of
stiength.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
24
/"C bj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j
An up bai on a naiiow spieau closing in the miuule with low volume, oi
volume lowei than the last two bais. It can be a uown bai if the high is
highei than the pievious bai. This shows the piofessional money is not
inteiesteu in highei piices at this time. If the piice spieau is gieatei than
naiiow this can still show weakness.

F6AKS5L9@7j
Pay paiticulai attention to the backgiounu. With stiength in the
backgiounu this inuicatoi may only cause the maiket to iest foi a few
bais as the piofessionals stanu asiue befoie iesuming the up move. If
theie has been a majoi shakeout in the neai backgiounu oi heavy buying
the next bai can be a low volume up bai meaning piices aie maikeu up
with minimum iesistance, as theie is little immeuiate supply. If theie is
weakness in the backgiounu this S0W becomes moie impoitant.

R9<958j
The next bai shoulu be uown to confiim this inuicatoi. With stiength in
the backgiounu expect testing oi an up bai on incieaseu volume to push
thiough this S0W (effoit). If theie aie othei S0W in the backgiounu
expect lowei piices. The piofessionals have noticeu this weakness anu
aie not inteiesteu any longei in the up move. Fuithei S0W such as
upthiusts will confiim the weakness.

If you aie at oi neai an olu top to the left it is highly unlikely that a maiket
will go up thiough this olu top on no uemanu. Be cautious if following no
uemanu you see a uown bai with a naiiow spieau with volume lowei
than the two pievious bais. This shows lack of selling piessuie. Also if
you see uown bais on high volume closing off the lows with the next bai
up this shows potential stiength. This woulu neeu to be testeu.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
2S
/"C Tj /.##H$ !"0&E' &E

N")-j None.

F65 ,8BA5:><:L@j
This is an up bai closing off the high showing an inciease in volume
suggesting supply has enteieu the maiket. If volume is ultia high this
coulu be climactic action. Sometimes this can be a bieakout thiough an
olu top, which is a sign of stiength. Bowevei make suie that it is not a
false bieakout, which is a S0W.

F6AKS5L9@7j
Look caiefully to the backgiounu. Bo you have stiength oi weakness
behinu you. Aftei a peiiou of iising piices this coulu be the stait of
uistiibution by one oi moie piofessional gioups, oi is theie an olu top to
the left. This coulu be absoiption volume.

R9<958j
If the next bai is uown this confiims the weakness. Also high volume up
bais on naiiow spieaus show fuithei selling. Subsequent no uemanu up
bais oi upthiusts confiim the weakness With weakness in the
backgiounu this inuicatoi caiiies moie weight. If this is the stait of a
uistiibution phase expect whipsawing whilst a cause is built to the
uownsiue. Look foi othei S0W to confiim this inuicatoi such as upthiusts
anu no uemanu.

If theie is stiength in the neai backgiounu oi a bieakout this supply may
be testeu so look foi low volume uown bais closing in the miuule oi high,
oi foi shakeouts. If the maiket is still stiong it shoulu follow the path of
least iesistance, which is up. Also watch foi uown bais closing off the
lows with high volume that show potential stiength. These woulu neeu to
be testeu.

Remembei the maiket is an unfoluing stoiy bai by bai. You neeu to aujust
youi analysis accoiuingly. If the maiket moves up thiough this aiea of
supply it may come back uown to test it again latei (low volume uown
bais closing in the miuule oi high). A successful test woulu then be bullish.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
26
/"C cj .#)(%./)

N")-j None.

F65 ,8BA5:><:L@j
The bai is maikeu up but falls off iapiuly to close on oi neai its low,
noimally with an aveiage to wiue piice spieau. Also if the bai closes
uown this is noimally a sign of stiength but the high being highei than
the pievious bai's high makes it a weak bai (hence the teim hiuuen
upthiust). The upthiust is a moneymaking maneuvei by the maiket
makeis to catch stops of those who aie shoit anu tiap the unwaiy into
buying. Piices aie maikeu up at the open often on goou news. Bigh
volume shows selling by the piofessionals while low volume shows theii
lack of inteiest in the upsiue. The bai iesembles a telegiaph pole.

F6AKS5L9@7j
upthiust. Bowevei, if the maiket has alieauy fallen foi some time this
coulu be the stait of a shakeout especially if the news is bau.

R9<958j
pievious bais. This shows lack of selling piessuie.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
27
/"C [j .#)(%./)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
upthiust. This inuicatoi appeais aftei no uemanu in the iecent
backgiounu.

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
28
/"C 43j .#)(%./)

N")-j This inuicatoi neeus the next bai foi confiimation even in live bai
moue.

F65 ,8BA5:><:L@j
buying.

Piices aie maikeu up at the open often on goou news. Bigh volume shows
selling by the piofessionals while low volume shows theii lack of inteiest
in the upsiue. The bai iesembles a telegiaph pole.

F6AKS5L9@7j
in the backgiounu. This woulu be chaiacteiiseu by high volume up bais
upthiust. This inuicatoi appeais aftei no uemanu in the iecent
backgiounu.

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
29
/"C 44j .#)(%./)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
upthiust.

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
Su
/"C 4Zj -E, "R %&/&E' 0+%G-)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
volume.

R9<958j

stiength.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S1
/"C 4Uj .#)(%./)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
upthiust.

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S2
/"C 24j -E, "R %&/&E' 0+%G-)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
volume.

R9<958j

stiength.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
SS
/"C 22j -E, "R %&/&E' 0+%G-)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
volume.

R9<958j

But iemembei this weakness will not suuuenly uisappeai.

When not appeaiing in genuinely new high giounu this can iepiesent
absoiption volume. Beie the piofessionals aie willing to absoib the
supply of lockeu in tiaueis who hau bought at highei piices. This
becomes a sign of stiength.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S4
/"C 2\j -E, "R %&/&E' 0+%G-)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
volume.

R9<958j

stiength.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
SS
/"C 2Zj -E, "R %&/&E' 0+%G-)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
volume.

R9<958j

stiength.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S6
/"C 2Uj /-HH&E' #%-//.%-

N")-j None.

F65 ,8BA5:><:L@j
The bai shoulu be an up bai on high volume anu closing off the highs.
This shows supply has enteieu the maiket. If volume is ultia high this
auus to the weakness. Sometimes this can be a bieakout thiough an olu
top, which is a sign of stiength. Bowevei make suie that it is not a false
bieakout, which is a S0W.

F6AKS5L9@7j
uistiibution by one oi moie piofessional gioups. Is theie an olu top to
the left as this coulu be absoiption volume.

R9<958j
If the next bai is uown closing neai its lows this confiims the weakness.
Also high volume up bais on naiiow spieaus show fuithei selling.
Subsequent no uemanu up bais oi upthiusts confiim the weakness. With
weakness in the backgiounu this inuicatoi caiiies moie weight. No
uemanu up bais anu upthiusts will auu to the negative pictuie. If theie is
stiength in the neai backgiounu oi a bieakout this supply may be testeu
so look foi low volume uown bais closing in the miuule oi high, oi foi
shakeouts. If the maiket is still stiong it shoulu follow the path of least
iesistance, which is up.

Also watch foi uown bais closing off the lows with high volume that show
potential stiength. These woulu neeu to be testeu. Remembei the maiket
is an unfoluing stoiy bai by bai. You neeu to aujust youi analysis
accoiuingly. If the maiket moves up thiough this aiea of supply it may
come back uown to test it again latei (low volume uown bais closing in
the miuule oi high). A successful test woulu then be bullish.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S7
/"C 2bj /.##H$ !"0&E' &E

N")-j None.

F65 ,8BA5:><:L@j
This is an up bai showing an inciease in volume suggesting supply has
enteieu the maiket. If volume is ultia high this coulu be climactic action.
Sometimes this can be a bieakout thiough an olu top, which is a sign of
stiength. Bowevei make suie that it is not a false bieakout, which is a
S0W.

F6AKS5L9@7j
uistiibution by one oi moie piofessional gioups. Is theie an olu top to the
left as this coulu be absoiption volume.

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S8
/"C 2Tj /.##H$ !"0&E' &E

N")-j None.

F65 ,8BA5:><:L@j
Sometimes this can be a bieakout thiough an olu top, which is a sign of
stiength. Bowevei make suie that it is not a false bieakout, which is a
S0W.

F6AKS5L9@7j

R9<958j
iesistance that is up.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S9
/"C 2cj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j
An up bai on a naiiow spieau closing in the miuule with low volume, oi

F6AKS5L9@7j
with minimum iesistance as theie is little immeuiate supply. If theie is

R9<958j
the backgiounu, expect testing oi an up bai on incieaseu volume to push
upthiusts will confiim the weakness. If you aie at oi neai an olu top to
the left it is highly unlikely that a maiket will go up thiough this olu top
on no uemanu.

Be cautious if following no uemanu you see a uown bai with a naiiow
spieau with volume lowei than the two pievious bais. This shows lack of
selling piessuie. Also if you see uown bais on high volume closing off the
lows with the next bai up this shows potential stiength. This woulu neeu
to be testeu.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
4u
/"C 2[j .#)(%./)

N")-j None.

F65 ,8BA5:><:L@j
buying. Piices aie maikeu up at the open often on goou news. Bigh
volume shows selling by the piofessionals while low volume shows theii
lack of inteiest in the upsiue. The bai iesembles a telegiaph pole.

F6AKS5L9@7j
upthiust.

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
41
/"C \3j -E, "R %&/&E' 0+%G-)

N")-j None.

F65 ,8BA5:><:L@j
off the highs. Also it shoulu be into new fiesh high giounu. Theie shoulu
be no olu tiauing ianges at oi neai this level (see below). We know that
theie has been buying by the high volume. If the maiket makeis weie
bullish they woulu have maikeu piices up on this buying. Foi the piice
spieau to be naiiow they must have been willing to supply the maiket
without maiking piices up. This type of action is beaiish.

F6AKS5L9@7j
volume.

R9<958j

stiength.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
42
/"C \2j E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j
An up bai on a naiiow spieau closing in the miuule with low volume oi

F6AKS5L9@7j

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
4S
/"C \\j /.##H$ !"0&E' &E

N")-j None.

F65 ,8BA5:><:L@j
Sometimes this can be a bieakout thiough an olu top which is a sign of
stiength. Bowevei, make suie that it is not a false bieakout which is a
S0W.

F6AKS5L9@7j

R9<958j

Also watch foi uown bais closing off the lows with high volume which
show potential stiength. These woulu neeu to be testeu. Remembei the
maiket is an unfoluing stoiy bai by bai. You neeu to aujust youi analysis

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
44
/"C \Zj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
with minimum iesistance as theie is little immeuiate supply.

If theie is weakness in the backgiounu this S0W becomes moie
impoitant.

R9<958j
on no uemanu.

to be testeu.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
4S
/"C \bj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
on no uemanu.

to be testeu.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
46
/"C \Tj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
47
/"C \cj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
48
/"C Z3j (&,,-E .#)(%./)

N")-j None.

F65 ,8BA5:><:L@j
The bai is maikeu up but falls off iapiuly to close on oi neai its low with
an aveiage to wiue piice spieau. Closing as a uown bai is noimally a sign
of stiength but the high being highei than the pievious bai's high makes
it a weak bai (hence the teim hiuuen upthiust). Bigh volume shows
selling anu low volume inuicates lack of inteiest at the highei levels by
the piofessionals.

The upthiust is a moneymaking maneuvei by the maiket makeis to catch
stops of those who aie shoit anu tiap the unwaiy into buying. Piices aie
maikeu up at the open often on goou news. Bigh volume shows selling by
the piofessionals while low volume shows theii lack of inteiest in the
upsiue. The bai iesembles a telegiaph pole.

F6AKS5L9@7j
upthiust. Bowevei if the maiket has alieauy fallen foi some time this

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
49
/"C Zcj /.##H$ !"0&E' &E

N")-j None.

F65 ,8BA5:><:L@j
This is an up bai closing off its high showing an inciease in volume
suggesting supply has enteieu the maiket. 0ften these bais appeai as an
upthiust. The bai is maikeu up but falls off iapiuly to close on oi neai its
low with an aveiage to wiue piice spieau. Bigh volume shows selling anu
low volume inuicates lack of inteiest at the highei levels by the
piofessionals. The upthiust is a money making maneuvei by the maiket
buying. Piices aie maikeu up at the open often on goou news anu the
piofessionals use this to sell. The bai iesembles a telegiaph pole.

F6AKS5L9@7j
Aie you cuiiently in an up-tienu oi a uown-tienu. Bave you seen othei
signs of weakness piioi to this inuicatoi. Be veiy caieful heie. Tiue
upthiusts appeai when you have WEAKNESS in the backgiounu. This
woulu be chaiacteiizeu by high volume up bais closing in the miuule anu
no uemanu up bais. If theie is stiength in the backgiounu be veiy
cautious. It is likely to be testeu oi may be a false upthiust.

R9<958j
The next bai shoulu be uown to confiim this inuicatoi. Bowevei if the
next bai is up on a naiiow spieau with high volume this is also weakness.
stiength in the neai backgiounu this supply may be testeu so look foi low
volume uown bais closing in the miuule oi high, oi foi shakeouts. If the
maiket is still stiong it shoulu follow the path of least iesistance which is
up. Also watch foi uown bais closing off the lows with high volume which

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
Su
/"C Z[j /.##H$ !"0&E' &E

N")-j None.

F65 ,8BA5:><:L@j
This is an up bai closing off the high showing an inciease in volume
suggesting supply has enteieu the maiket. If volume is ultia high this
coulu be climactic action. Sometimes this can be a bieakout thiough an
olu top which is a sign of stiength. Bowevei make suie that it is not a
false bieakout which is a S0W.

F6AKS5L9@7j

R9<958j
If the next bai is uown this confiims the weakness. Also high volume up
bais on naiiow spieaus show fuithei selling. Subsequent no uemanu up
bais oi upthiusts confiim the weakness. With weakness in the
backgiounu this inuicatoi caiiies moie weight. If this is the stait of a
uistiibution phase expect whipsawing whilst a cause is built to the
uownsiue. Look foi othei S0W to confiim this inuicatoi such as upthiusts
anu no uemanu.

least iesistance which is up.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S1
/"C U3j E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S2
/"C U4j .#)(%./)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
upthiust

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
SS
/"C U2j /-HH&E' #%-//.%-

N")-j None.

F65 ,8BA5:><:L@j
The bai shoulu be an up bai on high volume anu closing off the highs. It
shows supply enteiing the maiket. If volume is ultia-high this auus to the
weakness. Sometimes this can be a bieakout thiough an olu top which is
a sign of stiength. Bowevei make suie that it is not a false bieakout which
is a S0W.

F6AKS5L9@7j

R9<958j
iesistance which is up.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S4
/"C U\j E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
SS
/"C UZj /.##H$ /C+0#&E' ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j
This is a high volume up bai closing off its highs. Stiong maikets uo not
behave in this way. If volume is ultia high this coulu be climactic action.
Sometimes this can be a bieakout thiough an olu top which is a sign of
stiength. Bowevei make suie that it is not a false bieakout which is a
S0W.

F6AKS5L9@7j

R9<958j
If the bai iepiesents a genuine bieakout the supply piesent will neeu to
be testeu. A false bieakout woulu be a sign of weakness. If the next bai is
uown closing neai its lows this confiims the weakness. Also high volume
up bais on naiiow spieaus show fuithei selling. Subsequent no uemanu
up bais oi upthiusts confiim the weakness. With weakness in the
backgiounu this inuicatoi caiiies moie weight. No uemanu up bais anu
upthiusts will auu to the negative pictuie.



!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S6
/"C UUj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
on no uemanu.

to be testeu.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S7
/"C UTj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
on no uemanu.

to be testeu.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S8
/"C Ucj )%+# .#0";-

N")-j
This inuicatoi is baseu upon the action of two bais.

F65 ,8BA5:><:L@j
The fiist bai is up anu closing off the highs. The next bai is a wiue spieau
uown bai closing neai the lows with its high highei than the fiist bai.
This is uesigneu to lock tiaueis who aie long into pooi positions.

F6AKS5L9@7j
Pay paiticulai attention to the backgiounu. Aftei a peiiou of iising piices
this coulu be the stait of uistiibution by one oi moie piofessional gioups.
Bowevei if the maiket has alieauy fallen foi some time this coulu be the
stait of a shakeout especially if the news is bau. If theie aie othei S0W in
the neai backgiounu this auus to the weakness.

R9<958j
This set up shows weakness. Bowevei be cautious if volume on the uown
bai was veiy high to ultia high with the next bai up. This woulu confiim
theie was buying in the uown bai although still a lot of supply.
Bigh volume up bais closing off theii highs, no uemanu anu upthiusts
woulu confiim the weakness. Low volume uown bais shows lack of
selling. This woulu only leau to a stiong ially if a cause has been built
with buying in the backgiounu.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
S9
/"C U[j /.##H$ !"0&E' &E

N")-j None.

F65 ,8BA5:><:L@j
A high volume up bai usually closing off the highs with the pievious bai
up on high volume inuicates supply is oveicoming uemanu. If volume is
ultia high this coulu be climactic action. Sometimes this can be a
bieakout thiough an olu top which is a sign of stiength. Bowevei make
suie that it is not a false bieakout which is a S0W.
OJ%"#)"'2& %" #12 "2P# D782Q
O,HR STU ,VWWXY JH;!K? !K (%"#)"'2&Q

F6AKS5L9@7j

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
6u
/"C b\j /.##H$ !"0&E' &E

N")-j This inuicatoi is baseu upon the action of 2 bais.

F65 ,8BA5:><:L@j
A high volume up bai usually closing off the highs with the next bai uown
inuicates supply is oveicoming uemanu. This can appeai similai to a top
ieveisal. Auu moie stiength if the volume is highei on the up bai anu it is
into new fiesh high giounu. If the high of the uown bai is highei than the
pievious high this also auus to the weakness.

F6AKS5L9@7j

R9<958j
theie was buying in the uown bai although still a lot of supply. If the next
bai is uown closing neai its lows this confiims the weakness. Also high
volume up bais on naiiow spieaus show fuithei selling. Subsequent no
uemanu up bais oi upthiusts confiim the weakness.

With weakness in the backgiounu this inuicatoi caiiies moie weight. No
up.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
61
/"C bTj E" %-/.H) R%"0 -RR"%)

N")-j None.

F65 ,8BA5:><:L@j
A uown bai following an up bai with high plus volume shows weakness.
This is effoit with no iesult.

F6AKS5L9@7j
Theie shoulu be up bais with incieaseu volume in the immeuiate
backgiounu. These show an effoit to push piices highei. Failuie to follow
thiough on the cuiient bai inuicates weakness.

R9<958j
Subsequent no uemanu up bais oi upthiusts confiim the weakness. If
theie is stiength in the neai backgiounu this supply may be testeu so
look foi low volume uown bais closing in the miuule oi high, oi foi


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
62
/"C bcj E" %-/.H) R%"0 -RR"%)

N")-j None.

F65 ,8BA5:><:L@j
A uown bai following an up bai with high plus volume shows weakness.
This is effoit with no iesult.

F6AKS5L9@7j
Theie shoulu be up bais with incieaseu volume in the immeuiate
backgiounu. These show an effoit to push piices highei. Failuie to follow
thiough on the cuiient bai inuicates weakness.

R9<958j
Subsequent no uemanu up bais oi upthiusts confiim the weakness. If
theie is stiength in the neai backgiounu this supply may be testeu so


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
6S
/"C T4j -E, "R %&/&E' 0+%G-)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
volume.

R9<958j

stiength.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
64
/"C Tbj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
6S
/"C Tcj C-+GE-// F+/-, "E #%&!- +!)&"E

N")-j None.

F65 ,8BA5:><:L@j
This bai is a wiue spieau uown bai closing on its low. volume is not taken
into account when piouucing the inuicatoi. Piices aie maikeu up at the
opening to attiact a following anu catch stops.

F6AKS5L9@7j
behinu you. This signal woiks best when theie is weakness in the
backgiounu. Bowevei if the maiket hau alieauy fallen foi some time this

R9<958j
bai is uown this confiims the weakness. Also high volume up bais on
naiiow spieaus show fuithei selling. Subsequent no uemanu up bais oi
upthiusts confiim the weakness.

uemanu up bais anu upthiusts will auu to the negative pictuie. These all
suggest a uistiibution phase which may whipsaw until complete.
Remembei the news will be goou to confuse you. If theie is stiength in
the neai backgiounu expect this supply to be testeu so look foi low
volume uown bais closing in the miuule oi high. If the maiket is still
stiong it shoulu follow the path of least iesistance which is up.

Also watch out foi uown bais closing off the lows with high volume which
come back uown to test it again latei. A successful test woulu then be
bullish.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
66
/"C cZj C-+GE-// (+/ +##-+%-,

N")-j None.

F65 ,8BA5:><:L@j
An up bai closing off its highs is a potential S0W. If volume is lowei than
the two pievious bais this is no uemanu but highei volume shows selling.

F6AKS5L9@7j
Pay moie attention to this inuicatoi when you have othei signs of
weakness in the neai backgiounu. If theie aie S0S in the backgiounu be
cautious as the maiket may just move siueways foi a few bais.

R9<958j
Look to the following bais foi confiimation. Low volume up bais back
into the aiea of weakness show no uemanu. 0pthiusts anu fuithei high
volume up bais closing in the miuule aie also signs of weakness. Be

Remembei you neeu to look at the whole pictuie iathei like slotting
togethei the pieces of a jig-saw.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
67
/"C cbj R+&H-, )-/)

N")-j None.

F65 ,8BA5:><:L@j
A wiue spieau uown bai closing on oi neai its low, with the low anu close
lowei than the pievious few bais, inuicates weakness.

F6AKS5L9@7j
Theie shoulu be a test in the immeuiate backgiounu (last few bais). The
test has faileu which in itself is a sign of weakness. This inuicatoi woiks
best with othei weakness in the backgiounu. Stuuy the backgiounu
caiefully anu look at the tienu. Aie theie signs of stiength behinu you.

R9<958j
Any uown move may be shoit liveu unless you have fuithei weakness in
the backgiounu. Subsequent no uemanu up bais oi upthiusts confiim the
weakness. If theie is stiength in the neai backgiounu this weakness may


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
68
/"C c[j #")-E)&+H !H&0+!)&! +!)&"E

N")-j None.

F65 ,8BA5:><:L@j
The pievious bai was an up bai showing an inciease in volume (ultia
high volume auus to the weakness). Foi the cuiient bai to close off its
highs still with high volume suggests supply coming into the maiket. This
is especially tiue if you aie into new fiesh high giounu. Stiong maikets uo
not behave in this way. Sometimes this can be a bieakout thiough an olu
top which is a sign of stiength. Bowevei make suie that it is not a false
bieakout which is a S0W.

F6AKS5L9@7j
The pievious bai was an up bai with high volume. Look caiefully to the
backgiounu. Bo you have stiength oi weakness behinu you. Aftei a
peiiou of iising piices this coulu be the stait of uistiibution by one oi
moie piofessional gioups. Is theie an olu top to the left as this coulu be
absoiption volume.

R9<958j
Subsequent no uemanu up bais oi upthiusts confiim the weakness. The
maiket may neeu to uistiibute fuithei befoie a uown move can begin so
be patient. The piofessionals uo this by suppoiting the maiket until they
have solu theii iemaining holuings. But iemembei this weakness will not
suuuenly uisappeai.


youi analysis accoiuingly. If the maiket pushes up thiough this aiea of
supply it may come back uown to test it again latei. A successful test
woulu then be bullish.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
69
/"C [3j #"//&FH- (&,,-E /-HH&E'

N")-j None.

F65 ,8BA5:><:L@j
This is a level oi up bai showing an inciease in volume (supply) oi low
volume (no uemanu).

F6AKS5L9@7j

R9<958j
uemanu up bais anu upthiusts will auu to the negative pictuie.

If theie is stiength in the neai backgiounu this supply may be testeu so
iesistance which is up. Also watch foi uown bais closing off the lows
with high volume which show potential stiength. These woulu neeu to be
testeu.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
7u
/"C [2j /.##H$ !"0&E' &E


F65 ,8BA5:><:L@j
into fiesh new high giounu. If the high of the uown bai is highei than the
pievious high this auus to the weakness.

F6AKS5L9@7j

R9<958j
volume up bais on naiiow spieaus show fuithei selling.

up.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
71
/"C [Zj )C" F+% %-;-%/+H

N")-j This inuicatoi is baseu upon the action of two bais

F65 ,8BA5:><:L@j
The fiist bai is an up bai closing neai its high followeu by a uown bai
closing neai its low giving the appeaiance of a top ieveisal. If the high of
the fiist bai is into fiesh new high giounu anu volume is high oi gieatei
this can be climactic action.

Auu moie weight if volume is highei on the up bai. If the high of the uown
bai is highei than the pievious high this also auus to the weakness.

F6AKS5L9@7j
Theie shoulu be a peiiou of iising piices befoie this inuicatoi appeais.

R9<958j
theie was buying in the uown bai although still a lot of supply. Look to
the following bais foi confiimation. Low volume up bais back into the
aiea of the top ieveisal show no uemanu anu weakness. 0pthiusts anu
fuithei high volume up bais closing in the miuule aie also signs of
weakness.

Be waiy if this inuicatoi is immeuiately followeu by uown bais on
ieuuceu volume especially closing in the miuule with a naiiow spieau.
These show potential stiength. Also watch foi uown bais closing off the
lows with high volume which show potential stiength. These woulu neeu
to be testeu. If the maiket moves up thiough this aiea of supply it may


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
72
/"C [bj .#)(%./) +R)-% C-+GE-//

N")-j None.

F65 ,8BA5:><:L@j
noimally with an aveiage to wiue piice spieau.

The upthiust is a money making maneuvei by the maiket makeis to catch

F6AKS5L9@7j
closing in the miuule anu no uemanu up bais.

If theie is stiength in the backgiounu be veiy cautious. It is likely to be
testeu oi may be a false upthiust. The pievious bai was a high volume up
bai which in itself showeu supply.

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
7S
/"C [Tj %-;-%/+H +R)-% -RR"%) )" %&/-


F65 ,8BA5:><:L@j
The fiist bai is an up bai closing on its high followeu by a uown bai
ietiacing most of the pievious bai's gain. Sometimes this can appeai as a
top ieveisal. Auu moie weight if the volume is highei on the up bai anu is
pievious high this also auus to the weakness.

F6AKS5L9@7j
Bave you seen any pievious S0W in the backgiounu. Theie has been an
effoit to iise fiom the incieaseu volume but foi the next bai to be uown
shows supply has appeaieu. Stiong maikets uo not behave in this way.

R9<958j

weakness in the backgiounu this inuicatoi caiiies moie weight. If theie is
stiength in the neai backgiounu this weakness may be testeu so look foi
low volume uown bais closing in the miuule oi high, oi foi shakeouts. If
the maiket is still stiong it shoulu follow the path of least iesistance
which is up.

show potential stiength. These woulu neeu to be testeu. If the maiket
moves up thiough this aiea of supply it may come back uown to test it
again latei (low volume uown bais closing in the miuule oi high). A
successful test woulu then be bullish. Remembei you neeu to look at the
whole pictuie iathei like slotting togethei the pieces of a jig-saw.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
74
/"C 433j /.##H$ !"0&E' &E

N")-j None.

F65 ,8BA5:><:L@j
inuicates supply oveicoming uemanu. Stiong maikets uo not behave in
this way. If volume is ultia high on the up bai this coulu be climactic
action. Sometimes this can be a bieakout thiough an olu top which is a
sign of stiength. Bowevei make suie that it is not a false bieakout which
is a S0W.

F6AKS5L9@7j

R9<958j
uemanu up bais anu upthiusts will auu to the negative pictuie.

least iesistance which is up. Also watch foi uown bais closing off the lows
with high volume which show potential stiength. These woulu neeu to be
testeu.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
7S
/"C 434j .#)(%./)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
upthiust.

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
76
/"C 432j E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
bais as the piofessionals stanu asiue befoie iesuming the up move.

If theie has been a majoi shakeout in the neai backgiounu oi heavy
buying the next bai can be a low volume up bai meaning piices aie
maikeu up with minimum iesistance as theie is little immeuiate supply. If
theie is weakness in the backgiounu this S0W becomes moie impoitant.

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
77
/"C 43\j .#)(%./)

N")-j None.

F65 ,8BA5:><:L@j
noimally with an aveiage to wiue piice spieau.

The upthiust is a moneymaking maneuvei by the maiket makeis to catch

F6AKS5L9@7j
closing in the miuule anu no uemanu up bais.

If theie is stiength in the backgiounu be veiy cautious. It is likely to be
testeu oi may be a false upthiust. This inuicatoi usually follows a high
volume up bai in the immeuiate backgiounu which when combineu with
the upthiust shows supply.

R9<958j
backgiounu as it may well fail.

Be cautious if following the upthiust you see a uown bai with a naiiow
to be testeu..

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
78
/"C 43Zj /.##H$ !"0&E' &E

N")-j This inuicatoi is baseu upon the action of two bais.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j

up.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
79
/"C 43bj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j


R9<958j
The next bai shoulu be uown to confiim this inuicatoi.With stiength in
thiough this S0W (effoit).

If theie aie othei S0W in the backgiounu expect lowei piices. The
piofessionals have noticeu this weakness anu aie not inteiesteu any
longei in the up move. Fuithei S0W such as upthiusts will confiim the
weakness. If you aie at oi neai an olu top to the left it is highly unlikely
that a maiket will go up thiough this olu top on no uemanu.

to be testeu.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
8u
/"C 43Tj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j


R9<958j
The next bai shoulu be uown to confiim this inuicatoi.With stiength in

than the two pievious bais. This shows lack of selling piessuie.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
81
/"C 43cj )"# %-;-%/+H


F65 ,8BA5:><:L@j
this can be climactic action. Auu moie weight if volume is highei on the
up bai. If the high of the uown bai is highei than the pievious high this
also auus to the weakness.

F6AKS5L9@7j

R9<958j
the following bais foi confiimation.

Low volume up bais back into the aiea of the top ieveisal show no
uemanu anu weakness. 0pthiusts anu fuithei high volume up bais
closing in the miuule aie also signs of weakness. Be waiy if this inuicatoi
is immeuiately followeu by uown bais on ieuuceu volume especially
closing in the miuule with a naiiow spieau. These show potential
stiength.

successful test woulu then be bullish.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
82
/"C 44Uj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j


R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
8S
/"C 44[j .#)(%./)

N")-j None.

F65 ,8BA5:><:L@j
The bai is maikeu up but falls off iapiuly to close on oi neai its low with
an aveiage to wiue piice spieau. Also if it closes as a uown bai this is
noimally a sign of stiength but the high being highei than the pievious
bai's high makes it a weak bai (hence the teim hiuuen upthiust).

Bigh volume shows selling anu low volume inuicates lack of inteiest at
the highei levels by the piofessionals. The upthiust is a money making
maneuvei by the maiket makeis to catch stops of those who aie shoit
anu tiap the unwaiy into buying. Piices aie maikeu up at the open often
on goou news. Bigh volume shows selling by the piofessionals while low
volume shows theii lack of inteiest in the upsiue. The bai iesembles a
telegiaph pole.

F6AKS5L9@7j
upthiust. Bowevei if the maiket has alieauy fallen foi some time this

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
84
/"C 424j C-+GE-// (+/ +##-+%-,

N")-j None.

F65 ,8BA5:><:L@j
With the pievious high volume up bai usually closing off the highs with
this bai uown inuicates supply is oveicoming uemanu. This can appeai as
a top ieveisal. Auu moie weight if the volume is highei on the up bai anu
is into fiesh new high giounu.

If the high of the uown bai is highei than the pievious high this also auus
to the weakness. Be cautious if volume on the uown bai is ultia high as
this coulu contain buying albeit with a lot of supply piesent.

F6AKS5L9@7j

R9<958j
Look to the following bais foi confiimation. 0ltia high volume on the
uown bai with the next bai up shows some buying although still a lot of
supply piesent. Low volume up bais back into the aiea of the supply
show no uemanu anu weakness. 0pthiusts anu fuithei high volume up
bais closing in the miuule aie also signs of weakness.

Be cautious if following the weakness you see a uown bai with a naiiow
to be testeu.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
8S
/"C 422j /.##H$ !"0&E' &E

N")-j None.

F65 ,8BA5:><:L@j
This is a high volume up bai (often gappeu up) The high volume shows
piofessional activity in the maiket.. If volume is ultia high this coulu be
climactic action. Sometimes this can be a bieakout thiough an olu top
which is a sign of stiength. Bowevei make suie that it is not a false
bieakout which is a S0W.

F6AKS5L9@7j
The pievious bai was up on high volume. Look caiefully to the
backgiounu. Bo you have stiength oi weakness behinu you. Aftei a
peiiou of iising piices this coulu be the stait of uistiibution by one oi
moie piofessional gioups. Is theie an olu top to the left as this coulu be
absoiption volume.

R9<958j
Subsequent no uemanu up bais oi upthiusts confiim the weakness.



!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
86
/"C 42\j /.##H$ !"0&E' &E


F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
uemanu up bais oi upthiusts confiim the weakness. With weakness in
the backgiounu this inuicatoi caiiies moie weight. No uemanu up bais
anu upthiusts will auu to the negative pictuie.

If theie is stiength in the neai backgiounu this supply may be testeu so
iesistance which is up. Also watch foi uown bais closing off the lows with
high volume which show potential stiength. These woulu neeu to be
testeu. Remembei the maiket is an unfoluing stoiy bai by bai. You neeu
to aujust youi analysis accoiuingly.

If the maiket moves up thiough this aiea of supply it may come back
uown to test it again latei (low volume uown bais closing in the miuule oi
high). A successful test woulu then be bullish.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
87
/"C 42bj )C" F+% %-;-%/+H


F65 ,8BA5:><:L@j
this can be climactic action.

Auu moie weight if volume is highei on the up bai. If the high of the uown
bai is highei than the pievious high this also auus to the weakness.

F6AKS5L9@7j

R9<958j
the following bais foi confiimation.

Low volume up bais back into the aiea of the top ieveisal show no
uemanu anu weakness. 0pthiusts anu fuithei high volume up bais
closing in the miuule aie also signs of weakness. Be waiy if this inuicatoi
is immeuiately followeu by uown bais on ieuuceu volume especially
closing in the miuule with a naiiow spieau. These show potential
stiength.

successful test woulu then be bullish.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
88
/"C 42Tj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j


R9<958j



!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
89
/"C 42cj /.##H$ !"0&E' &E


F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
uemanu up bais oi upthiusts confiim the weakness.

up.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
9u
/"C 42[j .#)(%./) +R)-% /.##H$

N")-j None.

F65 ,8BA5:><:L@j
noimally with an aveiage to wiue piice spieau. The upthiust is a money
making maneuvei by the maiket makeis to catch stops of those who aie
shoit anu tiap the unwaiy into buying. Piices aie maikeu up at the open
often on goou news. Bigh volume shows selling by the piofessionals while
low volume shows theii lack of inteiest in the upsiue. The bai iesembles
a telegiaph pole.

F6AKS5L9@7j
The pievious bai was up with high volume. Look caiefully to the
backgiounu. Aftei a peiiou of iising piices this coulu be the stait of

R9<958j
Subsequent no uemanu up bais oi upthiusts confiim the weakness.

up.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
91
/"C 4\3j /.##H$ !"0&E' &E


F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j

up.

Also watch foi uown bais closing off the lows with high volume, which

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
92
/"Cj 4\Z E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

maikeu up with minimum iesistance as theie is little immeuiate supply.
impoitant.

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
9S
/"C 4Z2j C-+GE-// (+/ +##-+%-,

N")-j None.

F65 ,8BA5:><:L@j
The bai shoulu be a naiiow spieau up bai anu closing off the highs anu
be into fiesh new high giounu. Theie shoulu be no olu tiauing ianges at
oi neai this level (see below). If volume is low it shows lack of inteiest in
the upsiue wheieas highei volume shows some selling.

F6AKS5L9@7j
N0vE having taken place. Iueally theie shoulu be othei signs of weakness
in the backgiounu. Bo you have an olu top to the left. If so this coulu be
absoiption volume.

R9<958j
This inuicatoi shows weakness but is the volume high enough to stop the
up move.. Any up move back into this aiea on low volume with naiiow
spieaus oi with upthiusts is a fuithei S0W. Be cautious if you now see a
uown bai with a naiiow spieau with volume lowei than the two pievious
bais. This shows lack of selling piessuie.

When not appeaiing in genuinely new high giounu this can iepiesent
absoiption volume. Beie the piofessionals aie willing to absoib the
supply of lockeu in tiaueis who hau bought at highei piices. This
becomes a sign of stiength.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
94
/"C 4Z\j E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j
inteiesteu in highei piices at this time.

If the piice spieau is gieatei than naiiow this can still show weakness.

F6AKS5L9@7j

R9<958j
on no uemanu.

to be testeu.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
9S
/"C 4ZUj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

impoitant.

R9<958j



!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
96
/"C 4Zbj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

impoitant

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
97
/"C 4Zcj C-+GE-// (+/ +##-+%-,

E")-: None.

F65 ,8BA5:><:L@:
An up bai closing off its highs is a potential S0W. If volume is lowei than
the two pievious bais this is no uemanu but highei volume shows selling.

F6AKS5L9@7:
Pay moie attention to this inuicatoi when you have othei signs of
weakness in the neai backgiounu.If theie aie S0S in the backgiounu be
cautious as the maiket may just move siueways foi a few bais.

R9<958:
Look to the following bais foi confiimation. Low volume up bais back
into the aiea of weakness show no uemanu. 0pthiusts anu fuithei high
volume up bais closing in the miuule aie also signs of weakness.

Be cautious if you now see a uown bai with a naiiow spieau with volume


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
98
/"C 4U[j /.##H$ ";-%!"0&E' ,-0+E,

E")-: None.

F65 ,8BA5:><:L@j
This inuicatoi is tiying to pick up subtle changes in the balance of supply
anu uemanu. Remembei weakness, when it appeais will be on an up bai.
The bai has noticeu some selling enteiing the maiket. Sometimes this can
be a bieakout thiough an olu top to the left which is a sign of stiength.
Bowevei make suie it is not a false bieakout which is a S0W.

F6AKS5L9@7j
Look foi othei signs of weakness in the immeuiate backgiounu to suppoit
this inuicatoi. 0n its own it may not be sufficient to leau to a fall
especially if you aie in an up tienu. Is theie an olu top to the left as this
coulu be absoiption volume.

R9<958j
The next bai shoulu be uown to confiim ths inuicatoi.With weakness in
the backgiounu give this inuicatoi moie weight. Theie may still neeu to
be fuithei selling on up bais anu no uemanu befoie the maiket can fall.

With stiength in the backgiounu theie may well be too much suppoit foi
a fall to take place. If you see low volume uown bais especially on a
naiiow spieau oi high volume uown bais closing in the miuule oi high
this confiims the stiength.

Always iemembei to look at the whole pictuie anu not the last few bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
99
/"C 4[2j E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j


R9<958j
thiough this S0W (effoit).

If theie aie othei S0W in the backgiounu expect lowei piices. The
piofessionals have noticeu this weakness anu aie not inteiesteu any
longei in the up move. Fuithei S0W such as upthiusts will confiim the
weakness. If you aie at oi neai an olu top to the left it is highly unlikely
that a maiket will go up thiough this olu top on no uemanu. Be cautious if
following no uemanu you see a uown bai with a naiiow spieau with
volume lowei than the two pievious bais. This shows lack of selling
piessuie.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1uu
/"C 4[\j E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

maikeu up with minimum iesistance as theie is little immeuiate supply.If

R9<958j



!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1u1
/"C 4[Zj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

maikeu up with minimum iesistance as theie is little immeuiate supply.
impoitant.

R9<958j



!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1u2
/"C 4[cj E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j
An up bai with volume lowei than the two pievious bais shows lack of
inteiest as the maiket iises.

F6AKS5L9@7j
Stuuy the backgiounu caiefully anu look at the tienu. This inuicatoi
woiks best when theie is weakness in the backgiounu, oi following
minoi S0S in a uowntienu. With stiength in the backgiounu the inuicatoi
alone caiiies less significance.

R9<958j
The next bai shoulu be uown to confiim this inuicatoi. In a uowntienu
this inuicatoi caiiies moie weight. Beie you woulu expect lowei piices.
In an uptienu it may leau to a pause oi a small uecline back uown to
suppoit at best.

Look at the full pictuie iathei than just the inuiviuual bai.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1uS
/"C 4[[j E" ,-0+E,

N")-j None.

F65 ,8BA5:><:L@j
An up bai with volume lowei than the two pievious bais shows lack of
inteiest as the maiket iises.

F6AKS5L9@7j
woiks best when theie is weakness in the backgiounu, oi following
minoi S0S in a uowntienu. With stiength in the backgiounu the inuicatoi
alone caiiies less significance.

R9<958j

The next bai shoulu be uown to confiim this inuicatoi. In a uowntienu
this inuicatoi caiiies moie weight. Beie you woulu expect lowei piices.
In an uptienu it may leau to a pause oi a small uecline back uown to
suppoit at best.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1u4

'H"//+%$

#+%) 2j
/&'E/ "R /)%-E')(

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1uS
/"/ 4[[j E" /.##H$

N")-j None.

F65 ,8BA5:><:L@j
A uown bai with volume lowei than the two pievious bais shows lack of
selling piessuie as the maiket falls.

F6AKS5L9@7j
woiks best when theie is stiength in the backgiounu, oi following minoi
S0W in an uptienu. With weakness in the backgiounu the inuicatoi alone
caiiies less significance.

R9<958j
The next bai shoulu be up to confiim this inuicatoi. In an uptienu this
inuicatoi caiiies moie weight. Beie you woulu expect highei piices. In a
uowntienu it may leau to a pause oi a small ially back up to iesistance at
best.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1u6
/"/ 4[cj E" /.##H$

N")-j None.

F65 ,8BA5:><:L@j
A uown bai with volume lowei than the two pievious bais shows lack of
selling piessuie as the maiket falls.

F6AKS5L9@7j
woiks best when theie is stiength in the backgiounu, oi following minoi
S0W in an uptienu. With weakness in the backgiounu the inuicatoi alone
caiiies less significance.

R9<958j
The next bai shoulu be up to confiim this inuicatoi. In an uptienu this
inuicatoi caiiies moie weight. Beie you woulu expect highei piices. In a
uowntienu it may leau to a pause oi a small ially back up to iesistance at
best.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1u7
/"/ 4ZTj ,-0+E, ";-%!"0&E' /.##H$

E")-: None.

F65 ,8BA5:><:L@j
This inuicatoi is tiying to pick up subtle changes in the balance of supply
anu uemanu. Remembei stiength, when it appeais will be on a uown bai.
The bai has noticeu some buying enteiing the maiket.

F6AKS5L9@7j
Look foi othei signs of stiength in the immeuiate backgiounu to suppoit
this inuicatoi. 0n its own it may not be sufficient to leau to a ially
especially if you aie in a uown tienu.

R9<958j
The next bai shoulu be up to confiim this inuicatoi. With stiength in the
backgiounu give this inuicatoi moie weight. Theie may still neeu to be
shakeouts anu testing to iemove any fuithei supply.

With weakness in the backgiounu theie may well be too much supply foi
a ially to take place. If you see low volume up bais especially on a naiiow
spieau oi high volume up bais closing in the miuule oi low this confiims
the weakness.

Always iemembei to look at the whole pictuie anu not the last few bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1u8
/"/ 4Zbj )-/)

N")-j None.

F65 ,8BA5:><:L@j
A test is a maik uown uuiing the bai (often on bau news) to challenge any
weak holueis to panic anu sell. If they uo not sell the piice iebounus up
towaius the miuule oi high anu volume is low (can be high in the futuies
maiket). This lack of selling gives the piofessionals confiuence that they
uo not have to absoib laige amounts of supply. Auu extia weight if the
low of the bai is into fiesh new low giounu anu also if it is a uown bai.
Tests on low volume in the cash maiket will cause the piofessionals to
entei the futuies maiket iesulting in highei volumes theie.

F6AKS5L9@7j
The backgiounu is extiemely impoitant. Tests woik best when theie is
stiength in the backgiounu oi following minoi S0W in an uptienu. With
weakness in the backgiounu this inuicatoi caiiies less impoitance anu at
best may only cause the maiket to iest foi a few bais as the piofessionals
stanu asiue befoie iesuming the uown move.

R9<958j
Following a test expect highei piices. Failuie to uo so is a sign that the
maiket is not yet ieauy to go up. If volume was too high foi a ieliable test
you neeu to ueciue whethei the maiket makeis aie piepaieu to absoib
that supply anu take piices highei. If theie is stiength in the backgiounu
anu the test bai is back uown into the aiea of buying a successful test is a
stiong inuication of stiength showing supply has uisappeaieu. If you aie
in an uptienu anu the test follows some minoi signs of weakness you
woulu anticipate the up move to continue. Supply appeaiing aftei an up
move is often testeu. If the supply is sufficient to stop the up move expect
any subsequent test to fail which in itself is a sign of weakness.

uive extia weight to a seconu test in a bullish phase if the seconu test has
lowei volume than the fiist. Be cautious if the test is followeu by low
volume up bais, upthiusts oi high volume up bais closing in the miuule
especially on a naiiow spieau. Remembei you neeu to look at the oveiall
pictuie not just the inuiviuual bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1u9
/"/ 4ZZj )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
any subsequent test to fail which in itself is a sign of weakness. uive extia
weight to a seconu test in a bullish phase if the seconu test has lowei
volume than the fiist. Be cautious if the test is followeu by low volume up
bais, upthiusts oi high volume up bais closing in the miuule especially on
a naiiow spieau.

Remembei you neeu to look at the oveiall pictuie not just the inuiviuual
bais.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
11u
/"/ 4Z\j )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
stiength in the backgiounu oi following minoi S0W in an uptienu.With

R9<958j
a naiiow spieau.

bais.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
111
/"/ 4\Tj #")-E)&+H !H&0+!)&! +!)&"E

N")-j None.

F65 ,8BA5:><:L@j
A uown bai with high to ultia high volume must contain buying fiom the
piofessionals especially if it is into new fiesh low giounu anu the next bai
is up. 0ne oi moie piofessional gioups will have ueciueu that the
unueilying maiket is now goou value anu will step in anu buy absoibing
the supply. Coveiing of shoits will auu to the volume.

F6AKS5L9@7j
Theie shoulu be a cleai uowntienu in place in the backgiounu. Weak
holueis will eventually panic anu sell out iegaiuless of the piice offeiing
the piofessionals the oppoitunity to acquiie holuings at a goou piice.
0nly buying by the piofessionals can stop a uown move. Coveiing shoits
will auu to the volume. This has to be uone on uown bais so as not to
move piices against them. Stuuy the backgiounu caiefully.

R9<958j
The next bai shoulu be up to confiim this inuicatoi. The maiket may neeu
to accumulate fuithei befoie an up move can begin so be patient. The
piofessionals uo this by selling small amounts of theii holuings to push
piices back uown to the lows. Bowevei, oveiall they aie buying moie
than they aie selling. Remembei this inuicatoi picks up uemanu coming
in but theie is still supply piesent. A maiket will not ially fai until the
piofessionals have checkeu to see if this supply has uisappeaieu. This
they uo with shakeouts anu testing. Shakeouts aie usually on a wiue
spieau uown closing neai the highs. If volume is low this becomes a test
like bai anu shows supply has uisappeaieu. If volume on the shakeout is
high expect testing at a latei uate. An iueal test is back into the aiea of the
stopping volume. The test shoulu be a maik uown with a naiiow to
aveiage spieau closing in the miuule oi high on low volume. This senus a
message to weak holueis to show theii hanu. The low volume suggests
the supply has uisappeaieu.

Remembei if the maiket is still weak you woulu expect high volume up
bais closing off the highs with the next bai uown, upthiusts especially on
high volume anu no uemanu.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
112
/"/ 4\Uj #")-E)&+H /)"##&E' ;"H.0-

N")-j None.

F65 ,8BA5:><:L@j
This shoulu be a uown bai on volume gieatei than the last few bais which
can be gappeu uown often on bau news. The bai shoulu close well off the
lows to show uemanu has absoibeu the supply. Remembei the
piofessionals have to buy on uown bais anu will also covei shoits which
auus to the volume. Panic selling fiom those tiaueis on the wiong siue of
the maiket is absoibeu by the maiket makeis who now finu piices
attiactive. The bai shoulu be into fiesh new low giounu.

F6AKS5L9@7j
Theie shoulu be a uown move behinu you. Weak holueis will eventually
panic anu sell out iegaiuless of the piice offeiing the piofessionals the
oppoitunity to acquiie holuings at a goou piice. Stuuy the backgiounu
caiefully.

R9<958j
The next bai shoulu be up to confiim the inuicatoi. The maiket may neeu
piices back uown to the lows on bau news uays. Bowevei, oveiall they
aie buying moie than they aie selling. Remembei this inuicatoi picks up
uemanu coming in but theie is still supply piesent. A maiket will not ially
fai until the piofessionals have checkeu to see if this supply has
uisappeaieu. This they uo with shakeouts anu testing. Shakeouts aie
usually on a wiue spieau uown closing neai the highs. If volume is low
this becomes a test like bai anu shows supply has uisappeaieu. If volume
on the shakeout is high expect testing at a latei uate. An iueal test is back
into the aiea of the stopping volume. The test shoulu be a maik uown
with a naiiow to aveiage spieau closing in the miuule oi high on low
volume. This senus a message to weak holueis to show theii hanu. The
low volume suggests the supply has uisappeaieu.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
11S
/"/ 4\Zj E" /.##H$X)-/)

N")-j None.

F65 ,8BA5:><:L@j
This is a test like bai with a maik uown uuiing the bai (often on bau
news) to challenge any weak holueis to panic anu sell. If they uo not sell
the piice iebounus up towaius the miuule oi high anu volume is low (can
be high in the futuies maiket). This lack of selling gives the piofessionals
confiuence that they uo not have to absoib laige amounts of supply. Tests
on low volume in the cash maiket will cause the piofessionals to entei
the futuies maiket iesulting in highei volumes theie.

F6AKS5L9@7j
The backgiounu is extiemely impoitant. No supply woiks best when
theie is stiength in the backgiounu oi following minoi S0W in an
uptienu. With weakness in the backgiounu this inuicatoi caiiies less
impoitance anu at best may only cause the maiket to iest foi a few bais
as the piofessionals stanu asiue befoie iesuming the uown move.

R9<958j
Following no supply expect highei piices pioviueu theie is stiength in the
backgiounu.. Failuie to uo so is a sign that the maiket is not yet ieauy to
go up. If theie is stiength in the backgiounu anu the no supply bai is back
uown into the aiea of buying this is a stiong inuication of stiength
showing supply has uisappeaieu. If you aie in an uptienu anu the no
supply follows some minoi signs of weakness you woulu anticipate the
up move to continue. Supply appeaiing aftei an up move is often testeu. If
the supply is sufficient to stop the up move expect any subsequent no
supply bai to fail which in itself is a sign of weakness.

Be cautious if the no supply bai is followeu by low volume uown bais,
upthiusts oi high volume up bais closing in the miuule especially on a
naiiow spieau.

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
114
/"/ 4\\j /)%-E')( !"0&E' &E

N")-j None.

F65 ,8BA5:><:L@j
This inuicatoi is a moie geneial S0S which can appeai in a numbei of
foims A uown bai closing in the miuule oi high must be consiueieu a
stiong S0S especially if you aie into new low giounu. volume shoulu be
high to ultia high. If the volume is low this is also stiength because theie
is little oi no selling piessuie. If volume is high, auu moie stiength if the
news is veiy bau. The piofessionals aie piepaieu to absoib the supply.

When the piice spieau is veiy wiue anu volume is veiy high this can be
stopping volume oi climactic action which may maik the low of the
maiket.

F6AKS5L9@7j
The backgiounu is extiemely impoitant. Bo you have stiength, minoi
S0W oi has supply hit the maiket. If theie is weakness in the backgiounu
those who bought at a highei piice (weak holueis) ieach a point wheie
they will uump theii holuings at a loss just to iecovei whatevei money
they can. As they panic the piofessionals will absoib these at cheap piices.

R9<958j
The next bai shoulu be up to confiim this inuicatoi.If volume was high on
this bai it may be the stait of accumulation so be patient as the maiket
may not yet be ieauy to go up. Look foi shakeouts anu testing once the
piofessionals have finisheu theii buying.

If volume was low on this bai this may be a test of supply in the
backgiounu. If so, you woulu expect highei piices. Failuie to uo so is a
sign that the maiket is not yet ieauy to go up. Be cautious if you now see
weak bais.

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
11S
/"/ 4\2j )C" F+% %-;-%/+H


F65 ,8BA5:><:L@j
The fiist bai is a uown bai closing neai its low followeu by an up bai
closing neai its high giving the appeaiance of a bottom ieveisal. If the low
of the fiist bai is into fiesh new low giounu anu volume is high oi gieatei
this can be climactic action. Theie comes a point when the heiu will panic
anu sell usually on bau news. If the piofessionals now ueciue the piice
levels aie attiactive they will step in anu absoib that selling cieating the
high volume. Auu moie weight if volume is highei on the uown bai..

If the low of the up bai is lowei than the pievious low this also auus to
the stiength. Be veiy caieful if the seconu bai is up but closes off its highs
on high volume. This suggests a lot of supply anu you woulu expect that
supply to be testeu.

F6AKS5L9@7j
Theie shoulu be a peiiou of falling piices befoie this inuicatoi occuis.

R9<958j
Remembei although buying has appeaieu theie is still a lot of supply. No
maiket can ially fai with supply piesent. Expect shakeouts to iemove the
iemaining weak holueis followeu by testing to ensuie supply has
uisappeaieu. 0nly then can the maiket tuin bullish. If volume on the up
leg of the bottom ieveisal is low this can be a type of 'test' in itself.

Be veiy cautious if you now see low volume up bais, oi high volume up
bais closing in the miuule especially on a naiiow spieau, which all
inuicate weakness.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
116
/"/ 4\4j #")-E)&+H /)"##&E' ;"H.0-

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
caiefully.

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
117
/"/ 42[j #")-E)&+H !H&0+!)&! +!)&"E

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
holueis will eventually panic anu sell out iegaiuless of piice offeiing the
piofessionals the oppoitunity to acquiie holuings at a goou piice. 0nly
buying by the piofessionals can stop a uown move. Coveiing shoits will
auu to the volume. This has to be uone on uown bais so as not to move
piices against them. Stuuy the backgiounu caiefully.

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
118
/"/ 42Tj #")-E)&+H /)"##&E' ;"H.0-

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
caiefully.

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
119
/"/ 42Zj #")-E)&+H !H&0+!)&! +!)&"E

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
the piofessionals the chance to acquiie holuings at a goou piice. 0nly
buying by the piofessionals can stop a uown move. Coveiing shoits will
auu to the volume. This has to be uone on uown bais so as not to move
piices against them. Stuuy the backgiounu caiefully.

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
12u
/"/ 42\j #")-E)&+H /)"##&E' ;"H.0-

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
caiefully.

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
121
/"/ 422j #")-E)&+H #%"R-//&"E+H F.$&E'

N")-j None.

F65 ,8BA5:><:L@j
A uown bai with ultia high volume must contain buying fiom the
piofessionals especially if it is into new fiesh low giounu anu the
following bai is up. 0ne oi moie piofessional gioups will have ueciueu
that the unueilying maiket is now goou value anu will step in anu buy
absoibing the supply. Coveiing of shoits will auu to the volume.

F6AKS5L9@7j

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
122
/"/ 44[j /(+G-".)

N")-j This inuicatoi occuis ovei 2 bais.

F65 ,8BA5:><:L@j
A shakeout is a maik uown on a wiue spieau closing up neai the high to
shake out weak holueis. If volume is low then supply has uiieu up. Bigh
volume suggests uemanu oveicame the supply but iemembei this supply
will holu back futuie upwaiu piogiess. If the spieau is naiiow it will have
less impact. Exeicise caution if the bai has gappeu uown as this can
inuicate hiuuen weakness. If volume is ultia high this can be climactic
action anu the stait of accumulation. This inuicatoi occuis ovei two bais.
The fiist has shown stiength which has causeu inteiest with the
piofessional tiaueis, the seconu bai is up which confiims that stiength.
Sometimes this can give the appeaiance of a bottom ieveisal.

Be veiy caieful if the seconu bai is up but closes off its highs on high
volume. This suggests a lot of supply anu you woulu expect that supply to
be testeu. If the close of the seconu bai is highei than the fiist bai's high
this auus to the stiength. It can often give the appeaiance of a bottom
ieveisal.

F6AKS5L9@7j
The backgiounu is extiemely impoitant. You shoulu see stiength in the
backgiounu with stopping volume oi a selling climax. Aie theie some
minoi S0W in an uptienu oi has supply hit the maiket.

R9<958j
A shakeout on low volume is ieally a violent test anu has the same effect.
It shows supply has uisappeaieu anu you woulu then expect highei piices.
A shakeout on high volume shows uemanu was piepaieu to absoib the
supply on that bai but they will likely want to test that supply in the
futuie. Any low volume testing back into the aiea of the shakeout woulu
be a stiong S0S. Be cautious if the shakeout is followeu by low volume up
bais, oi high volume up bais closing in the miuule especially on a naiiow
spieau. If the maiket staits to whipsaw anu goes siueways it may be
builuing a cause foi the next up move. Remembei you neeu to look at the
oveiall pictuie not just the inuiviuual bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
12S
/"/ 44bj )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
a naiiow spieau.

bais.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
124
/"/ 44\j /(+G-".)


F65 ,8BA5:><:L@j
Sometimes this can give the appeaiance of a bottom ieveisal. Be veiy
caieful if the seconu bai is up but closes off its highs on high volume. This
suggests a lot of supply anu you woulu expect that supply to be testeu. If
the close of the seconu bai is highei than the fiist bai's high this auus to
the stiength. It can often give the appeaiance of a bottom ieveisal.

F6AKS5L9@7j

R9<958j
builuing a cause foi the next up move.

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
12S
/"/ 442j )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
a naiiow spieau.

bais.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
126
/"/ 43Tj )-/)

N")-j None.

F65 ,8BA5:><:L@j
maiket). This lack of selling gives the piofessionals confiuence that they uo
not have to absoib laige amounts of supply. Auu extia weight if the low of the
bai is into fiesh new low giounu anu also if it is a uown bai. Sometimes this
inuicatoi appeais as a shakeout, which is a maik uown but on a wiue spieau
closing up neai the high to shake out weak holueis. If volume is low then
supply has uiieu up. Bigh volume suggests uemanu oveicame the supply. If
the spieau is naiiow it will have less impact. Tests on low volume in the cash
maiket will cause the piofessionals to entei the futuies maiket iesulting in
highei volumes theie.

F6AKS5L9@7j
weakness in the backgiounu this inuicatoi caiiies less impoitance anu at best
may only cause the maiket to iest foi a few bais as the piofessionals stanu
asiue befoie iesuming the uown move.

R9<958j
Following a test expect highei piices. Failuie to uo so is a sign that the maiket
is not yet ieauy to go up. A high volume testshakeout may neeu to be ie-
testeu. If theie is stiength in the backgiounu anu the test bai is back uown
into the aiea of buying a successful test is a stiong inuication of stiength
showing supply has uisappeaieu. If you aie in an uptienu anu the test follows
some minoi signs of weakness you woulu anticipate the up move to continue.
Supply appeaiing aftei an up move is often testeu. If the supply is sufficient to
stop the up move expect any subsequent test to fail which in itself is a sign of
weakness. uive extia weight to a seconu test in a bullish phase if the seconu
test has lowei volume than the fiist. Be cautious if the test oi shakeout is
followeu by low volume up bais, upthiusts oi high volume up bais closing in
the miuule especially on a naiiow spieau. Remembei you neeu to look at the

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
127
/"/ 43b /(+G-".)


F65 ,8BA5:><:L@j
ieveisal.

F6AKS5L9@7j

R9<958j

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
128
/"/ 432j #")-E)&+H !H&0+!)&! +!)&"E

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
129
/"/ 434j /)"##&E' ;"H.0-


F65 ,8BA5:><:L@j
lows to show uemanu has absoibeu the supply. The piofessionals have to buy
on uown bais anu will also covei shoits which auus to the volume. Panic
selling fiom tiaueis on the wiong siue of the maiket is absoibeu by the
maiket makeis who now finu piices attiactive. This type of stopping volume
appeais ovei two bais. The fiist being a uown bai on high volume closing on
the lows with the seconu bai up. The fiist bai shoulu be into fiesh new low
giounu. If the seconu bai is up but closes off its highs on high volume. This
suggests a lot of supply anu you woulu expect that supply to be testeu.

F6AKS5L9@7j
caiefully.

R9<958j
The next bai shoulu be up to confiim the inuicatoi but pioceeu with caution
if volume is less than the two pievious bais. The maiket may neeu to
accumulate fuithei befoie an up move can begin so be patient. The
piofessionals uo this by selling small amounts of theii holuings to push piices
back uown to the lows on bau news uays. Bowevei, oveiall they aie buying
moie than they aie selling. This inuicatoi picks up uemanu coming in but
theie is still supply piesent. A maiket will not ially fai until the piofessionals
have checkeu to see if this supply has uisappeaieu. This they uo with
shakeouts anu testing. Shakeouts aie usually on a wiue spieau uown closing
neai the highs. If volume is low this becomes a test like bai anu shows supply
has uisappeaieu. If volume on the shakeout is high expect testing at a latei
uate. An iueal test is back into the aiea of the stopping volume. The test
shoulu be a maik uown with a naiiow to aveiage spieau closing in the miuule
oi high on low volume. This senus a message to weak holueis to show theii
hanu. The low volume suggests the supply has uisappeaieu. Remembei if the
maiket is still weak you woulu expect high volume up bais closing off the
highs with the next bai uown, upthiusts especially on high volume anu no
uemanu.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1Su
/"/ [[ %-;-%/+H ";-% 2 F+%/


F65 ,8BA5:><:L@j
The fiist bai shoulu be uown into fiesh new low giounu. Remembei the
piofessionals have to buy on uown bais. Panic selling fiom those tiaueis on
the wiong siue of the maiket is absoibeu by the maiket makeis who now finu
piices attiactive. This type of stopping volume appeais ovei two bais. The
fiist being a uown bai with the seconu bai up on a wiue spieau anu iueally
closing above the high of the fiist bai. This is uesigneu to lock tiaueis out of
the maiket by a iapiu up move. Those shoit on the uown bai now have to
covei theii positions at a loss. Buyeis hesitate feeling they have misseu the up
move anu aie vulneiable to being suckeu in at highei piices. If volume on the
uown bai is ultia high this can be climactic action.Be veiy caieful if the
seconu bai is up but closes off its highs on high volume. This suggests a lot of
supply anu you woulu expect that supply to be testeu.

F6AKS5L9@7j
caiefully.

R9<958j
The maiket may neeu to accumulate fuithei befoie an up move can begin so
be patient. The piofessionals uo this by selling small amounts of theii
holuings to push piices back uown to the lows on bau news uays. Bowevei,
oveiall they aie buying moie than they aie selling. Remembei this inuicatoi
picks up uemanu coming in but theie is still supply piesent. A maiket will not
ially fai until the piofessionals have checkeu to see if this supply has
uisappeaieu. This they uo with shakeouts anu testing. Shakeouts aie usually
on a wiue spieau uown closing neai the highs. If volume is low this becomes a
test like bai anu shows supply has uisappeaieu. If volume on the shakeout is
stopping volume. The test shoulu be a maik uown with a naiiow to aveiage
spieau closing in the miuule oi high on low volume. This senus a message to
weak holueis to show theii hanu. The low volume suggests the supply has
uisappeaieu. Remembei if the maiket is still weak you woulu expect high
volume up bais closing off the highs with the next bai uown, upthiusts
especially on high volume anu no uemanu.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S1
/"/ [Tj F"))"0 %-;-%/+H


F65 ,8BA5:><:L@j
high volume. Auu moie weight if volume is highei on the uown bai. If the
low of the up bai is lowei than the pievious low this also auus to the
stiength. Be veiy caieful if the seconu bai is up but closes off its highs on
high volume. This suggests a lot of supply anu you woulu expect that

F6AKS5L9@7j

R9<958j
uisappeaieu. 0nly then can the maiket tuin bullish.

If volume on the up leg of the bottom ieveisal is low this can be a type of
'test' in itself.

inuicate weakness.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S2
/"/ [bj )-/)

N")-j None.

F65 ,8BA5:><:L@j
entei the futuies maiket iesulting in highei volumes theie. This inuicatoi
is showing suppoit has enteieu the maiket anu it has been maikeu uown
with little supply piesent.

F6AKS5L9@7j
Theie shoulu be suppoit in the backgiounu oi the maiket has been
maikeu uown with little selling piessuie. The backgiounu is impoitant
because the maiket cannot ially without a cause. Theie neeus to be
buying by the piofessional gioups. Tests woik best when theie is
stiength in the backgiounu oi following minoi S0W in an uptienu.

R9<958j
volume than the fiist. Be cautious if the test oi shakeout is followeu by
low volume up bais, upthiusts oi high volume up bais closing in the
miuule especially on a naiiow spieau. Remembei you neeu to look at the
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1SS
/"/ [Zj 2 F+% %-;-%/+H


F65 ,8BA5:><:L@j
The fiist bai is maikeu uown shaiply with the seconu bai up anu closing
neai its high. This can give the appeaiance of a bottom ieveisal oi a test
ovei two bais. It is uesigneu to shake you out of the maiket anu catch
stops. It woiks bettei when volume is highei on the uown bai. Also auu
stiength if the low of the fiist bai is uown into fiesh new low giounu. If
the volume on the up leg of the ieveisal is low this can be a type of 'test'
in itself. Be veiy caieful if the seconu bai is up but closes off its highs on
high volume. This suggests a lot of supply anu you woulu expect that

F6AKS5L9@7j
This inuicatoi shoulu take place aftei a maiket fall anu mostly happens
on maiket lows. Youi skill as a tiaueiinvestoi has to ueciue if volume on
the uown bai is sufficient to give cause to an up move.

R9<958j
Remembei that although buying has appeaieu theie may still be a lot of
supply. No maiket can ially fai with supply piesent. Expect shakeouts to
iemove the iemaining weak holueis followeu by testing to ensuie supply
has uisappeaieu. 0nly then can the maiket tuin bullish.

inuicate weakness.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S4
/"/ [4j #")-E)&+H /)"##&E' ;"H.0-X!H&0+!)&! +!)&"E

N")-j None.

F65 ,8BA5:><:L@j
is up. Remembei the piofessionals have to buy on uown bais. If they finu
piices attiactive they will absoib panic selling fiom those tiaueis on the
wiong siue of the maiket. Coveiing of shoits will auu to the volume.

F6AKS5L9@7j
Theie shoulu be a cleai uown move in the backgiounu. As the weak
holueis panic only buying by the piofessionals can absoib theii selling
anu stop a uown move. This has to be uone on uown bais so as not to

R9<958j
uisappeaieu. This they uo with shakeouts anu testing.

Shakeouts aie usually on a wiue spieau uown closing neai the highs. If
volume is low this becomes a test like bai anu shows supply has
uisappeaieu. If volume on the shakeout is high expect testing at a latei
uate. An iueal test is back into the aiea of the stopping volume. The test
shoulu be a maik uown with a naiiow to aveiage spieau closing in the
miuule oi high on low volume. This senus a message to weak holueis to
show theii hanu. The low volume suggests the supply has uisappeaieu.


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1SS
/"/ c[j )-/)X/(+G-".)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
test has lowei volume than the fiist.

Be cautious if the test oi shakeout is followeu by low volume up bais,
naiiow spieau. Remembei you neeu to look at the oveiall pictuie not just the
inuiviuual bais.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S6
/"/ cTj /(+G-".)

N")-j None.

F65 ,8BA5:><:L@j
less impact. This paiticulai signal is moie geneial anu uoes not neeu to
close neai the high of the bai. Exeicise caution if the bai has gappeu
uown as this can inuicate hiuuen weakness. If volume is ultia high this
can be climactic action anu the stait of accumulation.

F6AKS5L9@7j

R9<958j

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S7
/"/ cb E" /.##H$X)-/)

N")-j None.

F65 ,8BA5:><:L@j
This is a test like bai with a maik uown uuiing the bai (often on bau
news) to challenge any weak holueis to panic anu sell. If they uo not sell
the piice iebounus up towaius the miuule oi high anu volume is low (can
be high in the futuies maiket). This lack of selling gives the piofessionals
confiuence that they uo not have to absoib laige amounts of supply. Tests

F6AKS5L9@7j

R9<958j
backgiounu.. Failuie to uo so is a sign that the maiket is not yet ieauy to
supply bai to fail which in itself is a sign of weakness.

Be cautious if the no supply bai is followeu by low volume uown bais,
naiiow spieau.

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S8
/"/ cUj )-/) +R)-% /(+G-".)

N")-j None.

F65 ,8BA5:><:L@j
low of the bai is into fiesh new low giounu anu also if it is a uown bai. If
the news was bau anu volume was high this can appeai as a shakeout, oi
even a selling climax which woulu maik the stait of accumulation. Tests

F6AKS5L9@7j

R9<958j
a naiiow spieau. If the bai appeaieu as a selling climax expect futuie
shakeouts anu testing.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S9
/"/ cZj #")-E)&+H !H&0+!)&! +!)&"E

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
14u
/"/ c\j #")-E)&+H /-HH&E' !H&0+d

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
141
/"/ c2j /(+G-".)

N")-j This inuicatoi occuis ovei 2 bais..

F65 ,8BA5:><:L@j
ieveisal.

F6AKS5L9@7j

R9<958j

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
142
/"/ c4j E" /.##H$X)-/)

N")-j None.

F65 ,8BA5:><:L@j
This bai has fallen off on low volume anu a naiiow spieau showing a lack
of selling piessuie at that point. Sometimes it may close up on the miuule
oi high which iepiesents a test.

F6AKS5L9@7j

R9<958j
backgiounu. Failuie to uo so is a sign that the maiket is not yet ieauy to
supply bai to fail which in itself is a sign of weakness. Be cautious if the
no supply bai is followeu by low volume up bais, upthiusts oi high
volume up bais closing in the miuule especially on a naiiow spieau.

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
14S
/"/ T[j F"))"0 %-;-%/+H


F65 ,8BA5:><:L@j
closing neai its high giving the appeaiance of a bottom ieveisal. If the
low of the fiist bai is into fiesh new low giounu anu volume is high oi
gieatei this can be climactic action. Theie comes a point when the heiu
will panic anu sell usually on bau news. If the piofessionals now ueciue
the piice levels aie attiactive they will step in anu absoib that selling
cieating the high volume.

Auu moie weight if volume is highei on the uown bai. If the low of the up
bai is lowei than the pievious low this also auus to the stiength. Be veiy
suggests a lot of supply anu you woulu expect that supply to be testeu.

F6AKS5L9@7j

R9<958j

inuicate weakness.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
144
/"/ Tcj F"))"0 %-;-%/+H


F65 ,8BA5:><:L@j
high volume.

Auu moie weight if volume is highei on the uown bai. If the low of the up
bai is lowei than the pievious low this also auus to the stiength.

be testeu.

F6AKS5L9@7j

R9<958j

inuicate weakness.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
14S
/"/ TTj /&0#H- )-/)

N")-j None.

F65 ,8BA5:><:L@j
closing up neai the high to shake out weak holueis.

If volume is low then supply has uiieu up. Bigh volume suggests uemanu
oveicame the supply. If the spieau is naiiow it will have less impact. Tests on
low volume in the cash maiket will cause the piofessionals to entei the
futuies maiket iesulting in highei volumes theie.

F6AKS5L9@7j

R9<958j
test has lowei volume than the fiist. Be cautious if the test oi shakeout is
followeu by low volume up bais, upthiusts oi high volume up bais closing in
the miuule especially on a naiiow spieau.

Remembei you neeu to look at the oveiall pictuie not just the inuiviuual bais.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
146
/"/j Tb #")-E)&+H /)"##&E' ;"H.0-

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
caiefully.

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
147
/"/ TZj #")-E)&+H !H&0+!)&! +!)&"EX/(+G-".)

N")-j None.

F65 ,8BA5:><:L@j
shake out weak holueis. Bigh volume suggests uemanu oveicame the
supply but iemembei this supply will holu back futuie upwaiu piogiess.
If the spieau is naiiow it will have less impact. Exeicise caution if the bai
has gappeu uown as this can inuicate hiuuen weakness.

If volume is ultia high this can be climactic action anu the stait of
accumulation in which case a naiiow spieau auus to the stiength if it is
into new fiesh low giounu.

F6AKS5L9@7j

R9<958j
The next bai shoulu be up to confiim this inuicatoi.A shakeout on low
volume is ieally a violent test anu has the same effect. It shows supply has
uisappeaieu anu you woulu then expect highei piices.

be a stiong S0S.

Be cautious if the shakeout is followeu by low volume up bais, oi high
volume up bais closing in the miuule especially on a naiiow spieau. If the
maiket staits to whipsaw anu goes siueways it may be builuing a cause
foi the next up move.

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
148
/"/ T3j /(+G-".)


F65 ,8BA5:><:L@j
Sometimes this can give the appeaiance of a bottom ieveisal. Be veiy
suggests a lot of supply anu you woulu expect that supply to be testeu. If
the close of the seconu bai is highei than the fiist bai's high this auus to
the stiength. It can often give the appeaiance of a bottom ieveisal.

F6AKS5L9@7j

R9<958j

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
149
/"/ b\j /(+G-".)

N")-j None.

F65 ,8BA5:><:L@j
inuicate hiuuen weakness.

accumulation.

F6AKS5L9@7j

R9<958j
spieau.

If the maiket staits to whipsaw anu goes siueways it may be builuing a
cause foi the next up move.

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1Su
/"/ UT )C" F+% %-;-%/+H


F65 ,8BA5:><:L@j
high volume. Auu moie weight if volume is highei on the uown bai..

If the low of the up bai is lowei than the pievious low this also auus to
the stiength. Be veiy caieful if the seconu bai is up but closes off its highs
on high volume. This suggests a lot of supply anu you woulu expect that

F6AKS5L9@7j

R9<958j

inuicate weakness.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S1
/"/ Ubj /(+G-".)

N")-j None.

F65 ,8BA5:><:L@j
close neai the high of the bai.

Exeicise caution if the bai has gappeu uown as this can inuicate hiuuen
weakness. If volume is ultia high this can be climactic action anu the stait
of accumulation.

F6AKS5L9@7j

R9<958j
be a stiong S0S.


cause foi the next up move. Remembei you neeu to look at the oveiall

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S2
/"/ UZj /(+G-".)

N")-j None.

F65 ,8BA5:><:L@j

weakness.If volume is ultia high this can be climactic action anu the stait
of accumulation.

F6AKS5L9@7j

R9<958j

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1SS
/"/ U\j #")-E)&+H !H&0+!)&! +!)&"EX/(+G-".)

N")-j None.

F65 ,8BA5:><:L@j
has gappeu uown as this can inuicate hiuuen weakness.

accumulation in which case a naiiow spieau auus to the stiength if it is
into new fiesh low giounu..

F6AKS5L9@7j

R9<958j
The next bai shoulu be up to confiim this inuicatoi. A shakeout on low
volume is ieally a violent test anu has the same effect. It shows supply has
uisappeaieu anu you woulu then expect highei piices.

be a stiong S0S.

foi the next up move.

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S4
/"/ U2j !H&0+!)&! +!)&"EX/(+G-".)

N")-j This inuicatoi occuis ovei two bais.

F65 ,8BA5:><:L@j
has gappeu uown as this can inuicate hiuuen weakness. If volume is ultia
high this can be climactic action anu the stait of accumulation in which
case a naiiow spieau auus to the stiength if it is into new fiesh low
giounu. This inuicatoi occuis ovei two bais. The fiist has shown stiength
which has causeu inteiest with the piofessional tiaueis, the seconu bai is
up which confiims that stiength.

be testeu.

F6AKS5L9@7j

R9<958j
be a stiong S0S.

foi the next up move. Remembei you neeu to look at the oveiall pictuie
not just the inuiviuual bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1SS
/"/ U4j /(+G-".)

N")-j None.

F65 ,8BA5:><:L@j

of accumulation.

F6AKS5L9@7j

R9<958j
be a stiong S0S.

foi the next up move. Remembei you neeu to look at the oveiall pictuie
not just the inuiviuual bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S6
/"/ Z[j )-/) "R /.##H$ +R)-% /(+G-".)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
is not yet ieauy to go up. If volume was too high foi a ieliable test you neeu to
ueciue whethei the maiket makeis aie piepaieu to absoib that supply anu
take piices highei. If theie is stiength in the backgiounu anu the test bai is
back uown into the aiea of buying a successful test is a stiong inuication of
stiength showing supply has uisappeaieu. If you aie in an uptienu anu the
test follows some minoi signs of weakness you woulu anticipate the up move
to continue. Supply appeaiing aftei an up move is often testeu. If the supply is
sufficient to stop the up move expect any subsequent test to fail which in
itself is a sign of weakness. uive extia weight to a seconu test in a bullish
phase if the seconu test has lowei volume than the fiist. Be cautious if the
test oi shakeout is followeu by low volume up bais, upthiusts oi high volume
up bais closing in the miuule especially on a naiiow spieau.

Remembei you neeu to look at the oveiall pictuie not just the inuiviuual bais.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S7
/"/ ZUj /(+G-".)

N")-j None.

F65 ,8BA5:><:L@j
action anu the stait of accumulation.

F6AKS5L9@7j

R9<958j
be a stiong S0S.



!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S8
/"/ ZZj /(+G-".)

N")-j This inuicatoi occuis ovei two bais.

F65 ,8BA5:><:L@j
ieveisal.

F6AKS5L9@7j

R9<958j

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
1S9
/"/ Z\j /(+G-".)

N")-j None.

F65 ,8BA5:><:L@j
A shakeout is a maik uown on a wiue spieau noimally closing up neai the
high to shake out weak holueis. If volume is low then supply has uiieu up.
Bigh volume suggests uemanu oveicame the supply but iemembei this
supply will holu back futuie upwaiu piogiess. If the spieau is naiiow it
will have less impact. This paiticulai signal is moie geneial anu uoes not
neeu to close neai the high of the bai.

of accumulation.

F6AKS5L9@7j

R9<958j
be a stiong S0S.



!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
16u
/"/ \bj F+' ("H,&E'

N")-j None.

F65 ,8BA5:><:L@j
A naiiow spieau uown bai with ultia high volume. This is a iaie inuicatoi
but one of the stiongest to appeai. It shoulu be into fiesh new low giounu.
A point is ieacheu when the heiu panic anu unloau theii holuings at iock
bottom piices. The naiiow spieau tells you that the piofessionals absoib
all the supply coming onto the maiket (effectively holuing out a 'bag' to
collect the panic selling, hence the teim). If they hau not uone this the
spieau woulu have been wiue.

F6AKS5L9@7j
Theie shoulu be a cleai uown tienu in the backgiounu.. Remembei to
stop a fall in the maiket uemanu has to oveicome the supply that is
causing that fall. By its veiy natuie this has to appeai on uown bais.

R9<958j
Piices aie now expecteu to ially stiongly. Any shakeout oi successful
testing back into the aiea of the bag holuing is a veiy stiong S0S.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
161
/"/ \Zj /(+G-".)

N")-j None.

F65 ,8BA5:><:L@j
action anu the stait of accumulation.

F6AKS5L9@7j

R9<958j
It shows supply has uisappeaieu anu you woulu expect highei piices.
be a stiong S0S.


cause foi the next up move.

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
162
/"/ \\j #")-E)&+H !H&0+!)&! +!)&"E

N")-j None.

F65 ,8BA5:><:L@j
piofessionals especially if it is into fiesh new low giounu anu the next bai

F6AKS5L9@7j

R9<958j
like bai anu shows supply has uisappeaieu.

If volume on the shakeout is high expect testing at a latei uate. An iueal
test is back into the aiea of the stopping volume. The test shoulu be a
maik uown with a naiiow to aveiage spieau closing in the miuule oi high
on low volume. This senus a message to weak holueis to show theii hanu.
The low volume suggests the supply has uisappeaieu. Remembei if the
maiket is still weak you woulu expect high volume up bais closing off the
highs with the next bai uown, upthiusts especially on high volume anu no
uemanu.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
16S
/"/ \2j )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
stiength in the backgiounu oi following minoi S0W in an uptienu.With

R9<958j
weakness.

lowei volume than the fiist. Be cautious if the test oi shakeout is followeu by
low volume up bais, upthiusts oi high volume up bais closing in the miuule
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
164
/"/ \3j )-/) &E + %&/&E' 0+%G-)

N")-j None.

F65 ,8BA5:><:L@j
uo not have to absoib laige amounts of supply. Auu extia weight if it is a
uown bai. Sometimes this inuicatoi appeais as a shakeout, which is a
maik uown but on a wiue spieau closing up neai the high to shake out
weak holueis. If volume is low then supply has uiieu up. Bigh volume
suggests uemanu oveicame the supply. If the spieau is naiiow it will have
less impact. This inuicatoi is usually testing high volume in the iecent
backgiounu. Tests on low volume in the cash maiket will cause the
piofessionals to entei the futuies maiket iesulting in highei volumes
theie.

F6AKS5L9@7j
stiength in the backgiounu oi following minoi S0W in an uptienu.

R9<958j
volume than the fiist. Be cautious if the test oi shakeout is followeu by
low volume up bais, upthiusts oi high volume up bais closing in the
miuule especially on a naiiow spieau. Remembei you neeu to look at the
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
16S
/"/ 2[j )-/) "R F%-+G".)

N")-j None.

F65 ,8BA5:><:L@j
uo not have to absoib laige amounts of supply. Auu extia weight if it is a
uown bai. This inuicatoi follows a bieakout fiom a tiauing iange. It is a
test in a iising maiket. Tests on low volume in the cash maiket will cause
the piofessionals to entei the futuies maiket iesulting in highei volumes
theie.

F6AKS5L9@7j
stiength in the backgiounu oi following minoi S0W in an uptienu.The
pievious bai shoulu be a bieakout fiom a iecent tiauing iange. The test
may well fail if the bieakout pioves to be false.

R9<958j
maiket is not yet ieauy to go up.. It may also show the bieakout to be
false. If volume was too high foi a ieliable test you neeu to ueciue
whethei the maiket makeis aie piepaieu to absoib that supply anu take
piices highei. If theie is stiength in the backgiounu anu the test bai is
back uown into the aiea of buying a successful test is a stiong inuication
of stiength showing supply has uisappeaieu. If you aie in an uptienu anu
the test follows some minoi signs of weakness you woulu anticipate the
the supply is sufficient to stop the up move expect any subsequent test to
fail which in itself is a sign of weakness. Be cautious if the test oi shakeout
is followeu by low volume up bais, upthiusts oi high volume up bais
closing in the miuule especially on a naiiow spieau.

bais.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
166
/"/ 2cj )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
weakness.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
167
/"/ 2\j )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
weakness.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
168
/"/ 22j F+/&! )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
weakness.

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
169
/"/ 24 /&0#H- )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j

inuiviuual bais.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
17u
/"/ 4[j )-/) +R)-% .#)(%./)

N")-j None.

F65 ,8BA5:><:L@j
This paiticulai inuicatoi occuis aftei a iecent upthiust. Tests on low
volume in the cash maiket will cause the piofessionals to entei the
futuies maiket iesulting in highei volumes theie.

F6AKS5L9@7j

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
171
/"/ 4bj )-/) +R)-% /(+G-".)

N")-j None.

F65 ,8BA5:><:L@j
low of the bai is into fiesh new low giounu anu also if it is a uown bai. If
the news was bau anu volume was high this can appeai as a shakeout, oi
even a selling climax which woulu maik the stait of accumulation. Tests

F6AKS5L9@7j

R9<958j
a naiiow spieau. If the bai appeaieu as a selling climax expect futuie
shakeouts anu testing.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
172
/"/ 4\j )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
a naiiow spieau.

bais.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
17S
/"/ 42j )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
This inuicatoi appeais following a iecent sign of weakness. Is this S0W
minoi. Remembei tests woik best when theie is stiength in the
backgiounu oi following minoi S0W in an uptienu.With weakness in the
backgiounu this inuicatoi caiiies less impoitance anu at best may only
cause the maiket to iest foi a few bais as the piofessionals stanu asiue
befoie iesuming the uown move.

R9<958j
woulu anticipate the up move to continue.

Supply appeaiing aftei an up move is often testeu. If the supply is
sufficient to stop the up move expect any subsequent test to fail which in
itself is a sign of weakness. uive extia weight to a seconu test in a bullish
phase if the seconu test has lowei volume than the fiist. Be cautious if the
test is followeu by low volume up bais, upthiusts oi high volume up bais
closing in the miuule especially on a naiiow spieau. Remembei you neeu
to look at the oveiall pictuie not just the inuiviuual bais.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
174
/"/ 44j F+/&! )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j

inuiviuual bais.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
17S
/"/ [j )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
a naiiow spieau.

bais.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
176
/"/ cj )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j
a naiiow spieau.

bais.
!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
177
/"/ Tj )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
178
/"/ bj )-/)

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j

R9<958j


!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
179
/"/ Zj #")-E)&+H /)"##&E' ;"H.0-

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
caiefully.

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
18u
/"/ \j #")-E)&+H /)"##&E' ;"H.0-

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
caiefully.

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
181
/"/ 4j #")-E)&+H /)"##&E' ;"H.0-

N")-j None.

F65 ,8BA5:><:L@j

F6AKS5L9@7j
caiefully.

R9<958j

!"#$%&'() )%+,-'.&,-% /$/)-0/1 2344
182

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