You are onto something pattyp, but I don't think too many poeple consider volume as being entirely relevant.
Reading Gann put me onto the time/price/volume consideration. In that, volume is relevant to the total class issues (outstanding shares) being turned over, determining some stocks time cycles when consolidating/distributing.
When it comes to the indices like XAO, volume is relevant to the same underlying issues (summed) of the constituents. As more cap raisings happen, you'd expect more volumes traded.
I'll go further (if reading Gann correctly) and say you 'NEED' to see more traded volume in order to turnover the cycles at the highs and lows, or to get things trending.
I'm not sure yet, but lower volumes means it might take longer to get to the 'real' highs and lows.
I'm thinking highs and lows need to be established on consistently high volumes to be set in. Again, relative to the underlying total issues at that time.
... or not. Is work in progress ...
rgds,
pw
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