A lesson in cycles

Key: Notice that Volatility is meant to throw you OFF the real trend. Easy mode is in the second half of the sub-phase.

Phase 1: Markdown
Characterized by a clear downward trend
Despite showing volatility spikes, the true move is consistently downward
The volatility markers appear to coincide with temporary price jumps, but these are false signals

Phase 2: Accumulation/Consolidation
Shows a period of sideways movement
Multiple volatility markers appear during this phase
The "True move" indicators show this is actually a period of quiet accumulation, despite the volatile spikes trying to suggest otherwise

Phase 3: Markup
Shows an upward trend developing
Again, volatility markers appear to create noise
The "True move" indicators reveal the genuine upward trajectory beneath the volatile price action

Smart money:
1) First pushes prices down (Markdown)
2) Quietly accumulates during a consolidation period
3) Then allows prices to rise (Markup)
4) Distributes at highs.