| Phase | Name |
|---|---|
| 1 | Accumulation |
| 2 | Markup |
| 3 | Distribution |
| 4 | Markdown |
Long near end of accumulation; short near end of distribution.
Richard D. Wyckoff
1873—1934
Four-phase price cycle (Wyckoff)
Accumulation, markup, distribution, markdown — Wyckoff price cycle and institutional campaign timing.