Wyckoff trading method, page-122

NWZ did not change from the post above (15mins prior to the close).
Wednesdays bar is a potential test, where price dipped lower, volume was much lower than the previous two days, then closed back in the top half of the bar.
For the test to be deemed 'a successful test' the next bar should be up.
And the expectation would be for at least an attempt to rise in price as a response to the shakeout and test.

Just as a brief explanation of the last three bars, On Monday price attempted to breakout, but found supply and closed poorly on increased volume.
So on Tuesday, price dipped sharply lower in an attempt to shakeout that supply, and the above average volume suggests that it did find some supply.
Then on Wednesday price made a shallow dip lower, and this time volume was much reduced, suggesting that selling pressure was now low.

Finally, tests can fail (especially in downtrends) and a 'failed test' is considered a sign of weakness in itself, (placed in the 'Warning Indicators').
So should price now fail and breakdown, it would be a SOW (sign of weakness).


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