The distribution phase D is becoming clearer with LTR with a supply trendline being plotted with reasonable certainty. It is under this trendline where a Phase E would eventuate.
The increase in volatility of both spread and volume as this phase eventuates is evident, with several declines and uptrends resulting from the continual shorting and covering of the stock with the overall result usually being an increase in shorts (supply dominant). So upward rallies are usually poor and the declines quite strong both in volume and spread.
I've also labelled a subset of redistribution parameters (in black) which reflect this period of the cycle and sometimes their occurrence a number of times can confuse or hide the onset of a Phase E, if and when that does eventuate.
