Wyckoff trading method, page-1733

Cheers Jako

Higher - The three highest volume days occur while price is trending sideways in a range, and while having similar volumes the spreads are progressively lower (the second being about 2/3 of the first and the third being about 1/3 of the first) indicating hidden buying. The volumes whilst the price is trending sideways are higher than the volumes whilst the price was in its downward trend (during Nov & Dec) again indicating buying pressure.

To my eye the sideways trading range is an accumulation that they are doing their damndest to make it look like a distribution.