G'day Rx7dk, sorry I missed this post, Perhaps.......especially...

G'day Rx7dk, sorry I missed this post,

Perhaps.......especially if using a wave chart.

I think OBV might be a better aide for trend confirmation, however its calculation is quite simplistic, and would be of little help in a sideways trading range I think.
Looking for divergences with the wave chart might find something interesting from time to time, I would have to test it for a while to confirm though.

This is the calculation for On Balance Volume-

1. If today's closing price is higher than yesterday's closing price, then: Current OBV = Previous OBV + today's volume
2. If today's closing price is lower than yesterday's closing price, then: Current OBV = Previous OBV - today's volume
3. If today's closing price equals yesterday's closing price, then: Current OBV = Previous OBV

So for instance, a really powerful, potentially strong bar, like a very narrow spread downbar, closing mid to high, on very very high volume would push the OBV down (and price would go down as well, so no divergence), but this bar would be likely to be a strong sign of future strength of the instrument, but would give the practitioner a bum steer, particularly in the short term.

So for me, a careful study of the spread or range of each bar, the position of the close, and the amount of volume, when put into context with the overall influences the chart finds itself under at that point in time, offers a much more accurate view of what the chart is saying about itself.

cheers