| ## The Distribution Process (Part 4, Ch.13)
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| The distribution process is the systematic transfer of positions from professionals to late-arriving retail buyers. Key characteristics:
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| - **Declining volume** throughout Phase B — similar to accumulation, but for the opposite reason: professionals have placed most of their sell orders.
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| - **Lower highs** during tests — each test of the resistance zone makes a slightly lower high, indicating buyers are unable to push price as high as before.
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| - **Ice defense:** Professional traders defend the lower boundary (Ice) with buying pressure to prevent premature breakdown.
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| - **Final test before markdown:** The UTAD (if it occurs) is the professional's final opportunity to verify the path of resistance downwards is clear. After a successful UTAD and test, the markdown is ready.
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