purely as a subjective opinion, may i offer this;
that the only significant change in volume versus price is the post august 2011 to aug 2012 range (+/- a cupla weeks)
where positive volume exceeded negative volume versus what price was actually doing
in the run-up to that peak where both Drahgi and the Bernank gave there "whatever it takes" speeches you could also surmise that the final rush to get in by the institutional and retail sector made its final mania move.......in other words while price had made it's printed high the ambition of buyers was soaking up all the supply the commercial hedgers no longer wanted......this may also imply that the indicator itself reflects that need-to-be-in by one crowd while another crowd used that 'need' to exit at best price and we know this because the price failed to mount a higher high alongside the volume make-up - you could say the price diverged south against the higher daily highs in positive volume....this may tell you that what is more important that the indicator cannot tell you is "positive volume by whom is far more important than the summation of the volume itself" (quote me on that!)
since that daily and divergent buying-high in positive volume you may also summise that that need to get in by the institutional players and retail sectors has assisted an orderly decline since then and that each bounce has had commensurate volume make-up...in other words, since that divergent high (price lower, pos volume higher) each rise with each price bounce is supported by the retail sector still attempting to time the low and buy the bottom or a falling price.....
this opine is simply attempting to give the bias parity
for the sake of disclosure i have open sells on.....
i think you can get a greater read on the indicia by matching anecdotal sentiment that prevails in any period....
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