Why low volume is as important as high volume

See the Daily ES chart where I have identified important market turning points.  You will notice that the up moves are more likely to be ended by low volume, but the large sell off is more likely to be ended by excessive volume.  So the moral of this story is to look for extremely high volume to end a large down trend and for low volume to end a large up trend.

Notwithstanding, we do get low volume ending a retrace in an up trend enabling for a trend re-engagement to the long side.  We sometimes get a buying climax to end a very long uptrend.

So I will be keeping my eye on the Oil market over the coming weeks and If I see excessive volume coming in at a low, then I will start looking for a long term buy and hold.  The same with Gold.