Re weekly volume reversal:
A technique with good results is as follows. The reference point, for argument a high, is set by weekly price direction changing to lower and the resulting volume bar changing color AND being larger than the previous week. The reference high is then the extreme high just prior to this change in direction. A reference low is established the same way, and trend is defined by violation of a reference high or low. If color has changed but size is not increased, wait another week to change the reference level.
Trend is currently up, and the two week decline from 2597 to 2557 defined the high, and the increase in weekly volume this week raised the reversal low to 2557.
This reversal point is a source of much support on a decline, and a cause of much liquidation and new selling when penetrated.
Consider it a medium term trend ID, and use it with confidence.
Oddlot
Stay on the right side of the cycle!
