Wyckoff trading method, page-1680

possibly....... although a true shakeout is usually much deeper and more violent than that.
(was that volume actually high ??....and how much value was traded ??.....are two important questions to ask first)

Anyway, that last bar and volume, does however look like a lot of effort was put in (volume is effort), but not much reward (price gained or lost) came from all that effort. So it maybe a potential 'effort/reward failure' which is saying in this case that there was more buying within that bar than appears (which kept the bar more narrow than would normally be expected). If so, the next bar will usually be up in response. However, if that volume is actually really high, then the odds would probably be about a 60 or 70% chance it will return and test that volume, before moving higher or sideways.

But putting that bar into context with the background of the chart, which appears to be in a downtrend, it maybe a sign that decent support is beginning to come in around this price level. And this increased support maybe enough to knock price sideways for a period (in effect stopping the downtrend.....at least for a while....only subsequent trading will confirm whether this trend change will be sustainable or not ).

cheers