I want to post some things on volume that I've leanred. I'm not a big watcher of volume because it is too subjective, can migrate between exchanges. I much prefer objective price levels. But this is my take.
1. Bearish volume shows at bottoms. This is capitualation. With that TSV shows crescendos. Sometimes it shows in the third bottom more than the fifth wave (especially TSV).
2. The bottom setup before the first third keeps volume muted. I am not looking for bottoms to have high bullish volume.
3. Bullish volume comes at the 'point of recognition'. This is the break out in the iii of 3 where full FOMO takes shape. those that sold out start to get back in with a pit in their stomach.
4. Bull or bearish volume can show at tops. By that I mean I mean the bars can be red or green, depending on who is control of THAT bar. But is a fight as the last FOMOers start to be taken over by profit takers.
See BTC example of late. Again the issue with always looking this is What is enough to turn it? That's subjective, but I use TSV's fluctuations to give me a better look. And price levels make it objective.
The first and last ellipses call out capitulation. The green shows the FOMO volume on the third wave breakout. The top red ellipse is bearish volume at the top because that is who was in control. If you go back to the top in December, that top was mostly controlled by bullish volume bars.