Using old master as new replica after clean switchover

Hello Postgres Gurus,

After searching (on www.postgresql.org/Google) I found that the following
steps can be used to perform a switchover in Postgres (version 9.3):
*Step 1.* Do clean shutdown of Primary (-m fast or smart).
*Step 2. *Check for sync status and recovery status of Standby before
promoting it.
Once Standby is in complete sync. At this stage we are safe
to promote it as Primary.
*Step 3. *Open the Standby as new Primary by pg_ctl promote or creating a
trigger file.
*Step 4.* Restart old Primary as standby and allow to follow the new
timeline by passing "recovery_target_timline='latest'" in \
$PGDATA/recovery.conf file.

But I also read in one of the google post that this procedure requires the
WAL archive location to exist on a shared storage to which both the Master
and Slave should have access to.

So wanted to clarify if this procedure really requires the WAL archive
location on a shared storage ?

Thanks
Raj