Hi Sam
I start with the yearly chart and mark the pivots from left to right, then work down to quarterly and monthly (hence the 19c and 23c), then I just manually eyeball localised recent structures and always keep an eye out for what happened to the left. The 10c could be extended back to October as could the 13c line, maybe even further I haven't checked.
The problem is that one man's accumulation is another man's distribution, literally.
The trick is working out if it's passive hands or active hands doing the accumulation, just eyeballing that chart my instinctive reaction was that there had been a news event Jan 8/11 and therefore it's distribution. Given that there wasn't a news item event per se then that instinctive classification goes out the window.
You would have to be pretty cluey to take a foreign news item and relate it back to an aussie stock, so that's not your average retail punter rushing in and buying, PIM I would classify as a passive hand, so that "distribution" may in fact be accumulation, time will tell.
Hope this helps, I'll be keeping an eye on it, thanks for raising it.
