Exhaustion and volume climax

A climax often signals the end of a move: the last buyer has bought, or the last seller has sold, in a paroxysm of effort that no longer produces anything.

The three signs

• Extreme volume spike on an acceleration: capitulation at the bottom, euphoria at the top. Speed of Tape explodes, then stops dead.
• Maximum delta, minimal price progress: huge effort, weak result. The last wave of aggressors has just been absorbed.
• Long wick, fast return: price touched an extreme and left it immediately.