Phase A events. A climax is a sharp, high-volume extreme that exhausts the trend; the automatic move is the reflex bounce or drop after it; the secondary test revisits the climax area, ideally on less activity.
How traders use it: The climax low/high and the AR together often mark the initial range boundaries.
Common mistake: Calling any large candle a climax without the follow-through that stops the trend.
Related: Wyckoff phases A–E · Exhaustion
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Concepts only. Education only, not financial advice. No pattern on this site has a published win rate.