Thank you so much for your taking the time to help me out, dgoransson! Much, much appreciated. haha, reading YOUR chart was not only incredibly intimidating given your analysis (which makes truckloads of sense), but it was also very informative. I now know a few more things to look for in charting. Thanks again!
Regarding your chart: http://i1039.photobucket.com/albums/a479/Gorro777/NEN_19-8-2011.png
I'd like to clarify the last couple of comments, if that's okay with you. I don't quite understand what exactly you mean by "ultrahigh volume upbar: if it's all buying how can price come off". My understanding is that high volume on an up is a bullish signal as people scramble to get their hands on a stock (and conversely, an up on low volume isn't as bullish as not many people are actually pushing the stock upwards, the price is soaring upwards not because the wider market desires it, but because of a few off-hand transactions). Am I wrong in this regard? Could it be that, in fact LOW volumes are better on uptrends as it shows that people are clinging on to their stocks and aren't willing to let them go, even at higher prices?
Also, could you please clarify what you mean by "But sometimes they hold it up to complete distribution and with all the weakness right behind us we want to see this volume tested before we get too excited".
