accumulation distribution

The contraction in SP over the past 3 trading days has been at volumes significantly lower than during the run up to $1.265. This is meaningful - it indicates a 'speculative unwinding' as opposed to a sell off which would have seen much higher volumes (20-30 million) and longer candles. This pattern is more likely to indicate a base formation. The chart is behaving a little more like a midcap than a spec, at the moment.