The third phase of the Wyckoff market cycle, in which professional operators sell their accumulated holdings to enthusiastic buyers near the top while the price trades sideways in a range. It is the mirror image of accumulation, and is identified through narrow-spread high-volume up-bars (selling caps the upside), up-thrusts that trap breakout buyers, no-demand rallies, a possible buying climax, and a final UTAD (up-thrust after distribution) that confirms the range is complete. Distribution can be fast (the buying-climax model — sold in a frenzy over days) or slow (the mushroom-top model — gradual rounding over weeks), and is accompanied by good news, media hype, and general euphoria that draw retail buyers in just as professionals are selling out.