Wyckoff trading method, page-323

NWZ - Update

On Friday price broke the recent lows with a much increased spread, and increased volume (although it was not particularly excessive).
While this bar resembles a shakeout (and might end up being so...we'll see), at this point in time it has to be considered a breakdown and failure of the attempted support & previous sideways trading range.  
Unless price could reverse substantially now (which appears unlikely, but is always possible....), the downtrend has won out over the potential support seen late last year, which attempted to reign in the slide.

The weekly chart below, shows where price was supported by the market previously, and also a brief summery of the recent weekly bars.


and the weekly