I don't have time to do a sequence breakdown, but I think that would be the best way to analyze the screenplays structure. There are multiple sequences (e.g., Stan-Kimballs), some of which lead one to the other, some of which interweave one into another (e.g., Stan-Lilith which plays out over and through numerous subplots). I'll have to leave that to someone else.

What I do have time to do is an analysis of the story using Three Act Structure. From my perspective, that breakdown looks like this:

Act One (1-50): Stan's introduction to the carny world, getting involved with Molly (love interest) and Pete-Zeena, learning the tricks of the "seer" trade, eventually taking off with Molly.

Act Two (50-99): Cut to two years later where Stan and Molly have a successful act. But Stand intersects with Lilith which leads to private, high-priced sessions with the Kimballs, then Ezra Grindle. A complicated romantic triangle. And Stan's descent as his "shadow" takes over his conscious behavior.

Act Three (100-115): The Big Sting gone awry. The reveal of Stan's father's death. The Denouement with Stan as the new "geek."

Reading this, you are probably saying something like, "A fifty page first act?!?" If pressed, I could probably spotlight a plotline point toward the middle of these fifty pages and pronounce, "There it is. The end of Act One." But the fact remains that the entire carny set of pages has its own Beginning-Middle-End and, thus, feels like its own Act. Moreover, there is that two year jump in time after Stan leaves the carny with Molly which feels like a major chapter heading. Finally, the entirety of the first 50 pages traces Stan's introduction to the whole "seer" bit, leading to him poisoning Pete, a sign of how far Stan is willing to go to set himself up for success on his own. So yes, as far as script analysis goes, I'll stick with my guns here: The script has a 50-page first act.

Interestingly, Act Two is almost identical in page count. Indeed, it aligns page count-wise with how long most scripts are for second acts (45-60 pages). And Act Three, clocking in at 15 pages, also aligns with a conventional take on first acts (15-25 pages). So it's only those first 50 pages, about twice the length of what one might expect for a first act that breaks that so-called "rule" in terms of page count.

This also drives home my initial point: A sequence breakdown is probably a better way to the script's structure.

Next up: Characters.