Here's another link to Bruce Frasers blog, it is an easy reference and I like the Structural content. http://stockcharts.com/articles/wyckoff/2018/03/divining-distribution.html
this one does focus on Distribution, it is a great read like the rest.
I suppose there is less need to identify Distribution for the most part unless you have the ability to profit from shorting, it's simply something to avoid getting your long position caught up in, being able to identify if you may be involved in a false break higher and having your position trapped at a loss or using your identification skills to avoid being involved in a stock over another for its potential 'Weakness' of Distributive like Action.
For the most part, in theory at least, Distribution could be seen as the almost identical opposite of Accumulation in the Structure, turn Accumulation upside down and there you have it, but there is some distinct differences when it comes to turning Volatility of Price Action and Volume upside down and these relate to, as Jako has referred 'what is actually taking place here'.
My understanding to identify Distribution is to first focus on the goal of a successful Distribution, if that is what is taking place, as compared to the goal of Reaccumulation, and where the distinct differences lie, keeping in mind there may always be competing intentions as well, so both may sometimes be playing out and it's our job to identify who's in control by judging the 'power' behind each intentional move. It is import to recognise however, in theory, that there is only the 2 distinct outcomes with the 3rd being the less threatening continuation in the Neutral Range or that of being 'Undecided' and the battle ensues until one of the 2 outcomes takes place.
I think Bruce's Blog post name of 'Divining Distribution' is so appropriate as there is an element of witchcraft involved here, the need to look forward and identify from the evidence provided on the chart as to what's not taking place or what potential future action is not being supported by what is taking place now.
Phase B in my Structures I have simplified the label as 'Building Cause' as this ultimately is the intention, along with Jakos suggestion of 'Final Test' for Phase C, standardised for both Accumulation and Distribution, regardless of outcome, however the alternative name for Phase B in Distribution is 'Test of Demand, Emergence of Supply' which does explain what took place but can only be regarded as a 'potential' label until we see confirmation with a breakdown, but it does describe what is taking place well.
The differences seen in Volatility, including both Price Spread and Volume, in a successful Distribution, as compared to a Reaccumulation, based on the intention, will see a large transfer of stock from the Smart Money to future suckers and the setting up or funnily enough, Accumulation of short positions (this concept still confuses me as to its effect on volumes etc.), before the ultimate Mark Down outside the Trading Range in Phase E, and this can only happen with a "large transfer of stock" which requires continuous volatility throughout the Trading Range to trade into, and this is what we can identify as potential 'Weakness' in the Structure. The volatility also advertisers "look at me" Price Action and price maybe "held up" in the the upper half of the Trading Range to ultimately achieve higher prices, however more importantly, provide false confidence to unwary Demand thinking momentum is in play, just as Accumulation is ideally achieved throughout the lower half of the Trading Range when confidence is at its lowest, Distribution will take place with confidence and 'belief' at its highest.
In a Reaccumulation we look for a distinct 'lack' of advertising, no false excessive upward intentions being taken advantage of by massive volume spikes of Supply off the top of the range and no consistent unwavering Selling along the progression of the range that doesn't appear to reduce and may even increase. Volatility reduces in Phase B in Reaccumulation as stock is taken off the market in an exchange to the Smart money from those who would take profits or be frightened from their positions. Scare tactics may be employed involving sharp downward moves that result in no follow through and stronger upward Signs of Strength increases in Volume and Spread as a result, as we would identify similarly in a base range Accumulation, as we move into Phase C and D and this is where Phase Analysis of the Structure comes into play as there is distinct changes in Volatility as Price Action enters Phase C, Final Test.
Times getting away from me and I could spend another 6 hours on this but it wouldn't be posted until Monday morning, lol. Apologies for the ramble on, it's as much of a learning experience for me to put this in writing as I hope it is for anyone interested in reading. Open to any constructive criticism or alternative opinions, this is an initial description only and I'm happy to delve deeper into some of the detail if your interested.
Cheers HF
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