TD Pressure (a Tom DeMark indicator) that I have which is based on range and volume clearly pointed to many RTY (1st chart) reversals today. Late in the day the trend, running into the close, was just too strong to have any kind of significant reaction otherwise I'd say volume works if you have the right tool. Especially $Tick cumulative volume (2nd chart).
There are those that understand the role of volume, those that don't and those that think "it's the greatest fraud of all time."
I'm not sure I'm looking at volume affecting price reversals as much as it can be associated with price spikes, which can be associated with price reversals. It wasn't inaccurate at the end of the day because of 'strong late day trend', as much as that movement simply wasn't as relatively sharp, which is going to affect (usually delay) the timing of the ultimate reversal. Your indicator simply overweighted volume while at the same time couldn't account for this relative movement nuance.
I've been using it for 20+ years showing me probabilities of a reversal, on all time frames on all symbols I trade. Volume today is no different than volume of the past. What I have noticed over time, for whatever reason, is traders belief of what works and doesn't. "Nothing new under the sun".
If you haven't seen dramatic changes in how order flow and volatility is handled in the last 20+ years, you haven't been paying attention.
I said volume. Nonetheless order flow/volatility just like volume and price ebbs and flows, spikes and subsides. If you don't know that, question your attention span.