"In order for there to be a rally back to the ice, the price must first provide an indication of weakness by falling through the ice. This is accomplished by wide price spreads to the down side on high or increasing volumes resulting in poor closes as the price passes through the ice. Normally, this is accomplished over several days. However, one especially bearish day can result in a fall through the ice. The Wyckoff trader wants to see the fall through the ice push the price decisively through and below the ice. This provides the price with the room needed to make a successful rally back. Traders should beware of those penetrations of an ice level that do not develop with the price spread and volume characteristics mentioned or do not decisively break the ice level. These may actually be buying opportunities.
A fall through the ice is the first step in the mark down phase. It comes after the preparation for a decline has been completed in the trading range. Therefore, the rally back is theoretically the best place to enter a short position because all of the preparation for the decline has been completed. Unfortunately, there is no mechanical way to identify exactly where the rally back is going to be completed and where the absolute best place is to open a short position. However, there are guidelines that the Wyckoff trader can use to identify a relatively narrow range of values in which to consider making a trade."