CW is Conventional Wisdom. It is a lot of beliefs founded on induction of data collections. Simpletons called quants do stuff to bet on market movement. They make 20 to 50 percent a year. For expert traders the market operation is a system whereby the independent variable signals trigger the dependent variable trades. The public learns this in school at a young age and can't remembers how variables work by the time the greed for making money demands attention. Volume leads price as expected by science and math but greedy people just look at price. most people never see the market operation and so they waste a lot of time inventing a way to fail by loosing monay that have.
I am not sure that this is true. My observations do not indicate that volume is leading price. It goes against lots of literature and probably warrants more closer look especially that the dogma of volume leading price was established when market microstructure, technology, and number and type of participants was much different than today.
I think it's true to a certain extent. For example; some systems use particle filters and try to catch only small -badly priced- market orders. I think the relationship between price/volume also depends upon volatility/availability of hedges also.
In this market any claim (including outrageous one) is true to a certain extent because it will just happen that from time to time or for certain period of time it will "correlate" with market action.