No Damand:
1. Narrow range
2. Makes a higher high than the previous bar. This is key.
3. Does not make a lower low than the previous bar.
4. Volume less than the previous two intervals.
5. Background weakness.
Under these conditions, the No Demand can close down. The key is the higher high showing rejection by closing off of said high. The fact that it does not make a lower low, tells us there was not a lot of buying comming in either.
sorry, I keep thinking of new things to say.
We know that there are hidden Tests (up close) and hidden Up Thrusts (down close), it is therefore reasonable to speculate that there would be hidden No Demands (down close).
Wyckoff VSA: (1) Supply & Demand (2) Effort vs. Result (3) Cause & Effect