I find it to be a fascinating analysis. It's by /u/Archwinger from this thread. I added titles to each of the stages to help summarize.

Stage 1: Avoid

Stage 1 is where women actively avoid you, give you dirty looks for existing in the same room, and won't even give you directions or tell you the time.

Stage 2: Ignore, End-Interaction-ASAP

Stage 2 is where women pretty much ignore you unless you get in their way or approach them or otherwise try to get their attention, in which case they try to end the interaction as quickly as possible, using as few words as possible.

Stage 3: Mostly Ignore/Polite Pleasantries

Stage 3 is where women mostly ignore you unless you approach them and try to talk, at which point they'll exchange pleasantries and politely gab about nothing for a few minutes, before making an excuse to go talk to someone else. Most guys are here.

Stage 4: Checking Out/Susceptible to Game

Stage 4 is where you start catching women looking at you from across the room, then looking away as soon as you look up, smiling politely at you as you walk past if you happen to make eye contact, subtly checking you out at the pool while you walk by without a shirt, etc. Conversationally, they don't treat you any differently than they would at stage 3, except that at this stage, they'd be susceptible to game, while at stage 3, game would fail because they're not actually interested, just being polite.

Stage 5: Approach/Susceptible to Game

Stage 5 is when women start approaching and opening you. Except for the fact that they were the ones who approached you, conversationally, the talking goes identically to stage 3, with the unspoken expectation that you'll game them if you're interested, and they'll evaluate your game before deciding you're a sure thing.

Stage 6: Overt Sexual Moves/Susceptible to Game

Stage 6 is when women start overtly making sexual moves to express their interest instead of just talking normally and waiting to see if you'll game them. Stage 6 would be a woman coming up and sitting in your lap (often with subtle grinding once seated), rather than sitting next to you and asking you interview questions. Maybe swatting your butt as you walk by. Sitting or standing in a manner that involves shoving her tits in your face. In a dance setting, she'll initiate grinding. During a hug, her thigh or hips, depending on her height, will find its way between your legs or be pressed up against your groin area. Honestly, I thought generalizing a woman making overt sexual moves kind of spoke for itself.

/u/Archwinger then points out:

Each "stage" is really just a rough approximation of where you stand with most women in general. It's a gauge of how good-looking you are, how attractive your personality is, how established you appear socially, etc. You end up with girls behaving in the latter range more often if you're physically fit, well-dressed, and demonstrate social aptitude, social status, and social connections in whatever venue you're currently occupying. And once a girl comes up to you, if you demonstrate game and that you aren't a clueless chump, that gets you points, too. (Or just demonstrate game on another girl while some girl who's thinking about moving in on you is watching.)