Phase A: We see clear buying climax and secondary test followed by an automatic reaction. This is the phase that stops the (up)trend. It also sets the bounds of the new consolidation range alongside the strength/angle.
Phase B: The biggest moves of the range take place here. They are declines seen as the sign of weakness. This change of character that shows us the biggest move so far tell us that something different/new is happening now. A move to the bottom can be considered a SOW. These often extend out of the range and come back in. The move to the top of the range is accompanied with increasing . All that has happened so far indicates that we may now be in Phase C.
Phase C: This move to the top side with some increasing suggests that we are now in an upthrust after distribution. As the UTAD's name suggests, it's confirmation that we're in distribution. Here is a good point to go short.
Phase D: On diminishing , the market then starts to mark down and gives a last point of supply where final offloading of longs are done.
Phase E. Markdown out of range. Can often move stop to BE after this starts.
TP: A point and figure chart was not available on trading view for some reason. A crude method of 3 x range added to the bottom of the range was done to give a rough idea of where the next consolidation range might take place. As you can see, the target was met very well. It occurred as it exited the markdown channel too - another sign that a new consolidation range is about to take place here.