Question for anyone. When is a heavy volume test bullish and when is it more likely a sign that supply is present?
Attached is an example. With #28, there's above average volume but the market just pushes higher. The only other textbook VSA principle I can see at play here is the more nebulous 'long-term test' for the 17th bar since the climactic volume (see the question mark). Or is it as simple a SoS in the background so treat most tests as bullish?
Interested to hear how others would analyze #28.
Attached is an example. With #28, there's above average volume but the market just pushes higher. The only other textbook VSA principle I can see at play here is the more nebulous 'long-term test' for the 17th bar since the climactic volume (see the question mark). Or is it as simple a SoS in the background so treat most tests as bullish?
Interested to hear how others would analyze #28.
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