One would notice the two High Volume Waves 1. and 7. with the Small Pip Moved and conclude that this is a Hard to Move Down situation and price will explode up, but this may not the case.
Will the Progressive Volume Rate (PVR) reading tell us the true story?
High PVR at the beginning of the wave as the price progresses down there is no increase in PVR which means no interest in buying at low prices.
As price goes up PVR increases which means interest at the top = which sellers at the top
No Interest in the up move
As price down to the bottom of the range PVR increase which this is where we found some buyers.
As we go up PVR increases = sellers are coming in.
Hit the Fib with lot's of volume and started going down =sellers
PVR decreasing as we go down therefore no interest in buying at low prices.
PVR is flat = no interest in the up move
Sellers again high PVR at the top
Breaking with high volume
After a day we are still sitting, let's see if I read this right (I usually do not read the whole range because there are much easier traders than this one) :