In the following chart I thing we are in a distribution,we have plotted the different phase of the destribution starting with Phase A BC , AR, ST . In this phase we clearly see an decrement in the (Effort E1) but an increase in the RESULT(Result R1) meaning a first phase of a distribution.
After the AR comes the St Secondary test trying to achieve again the same level of BC (Buy Climax) that concludes our phase A. Now start the phase B(the longest according to the wyckoff method of distribution) in this phase we can clearly see many things:
E2(Effort increasing) but R2(Result decreasing) why decrease? Well with that Effort the price should travel too far from the AR but as you can note only breaks but easily recovers and come back to the range(Sow in phase B) now as Effort decreased and Result decreased the next thing is a rally.... that is confirmed by R3(Increased result) and E3(Less effort) now we are inside E4 and R4 i want to point something take a look to the candles and look the E4(Effort) the effort is decreasing and the candles has many wicks down and the candle size are smaller. That is telling the market the next rally will be .. and we may see the UT(Upthrust) approaching the BC level and breaking up(Inciting the public to buy and after that going down).