Roger, thanks!! Sounds like a fascinating process to watch. I knew the basket lifts to drain, but not that it has three positions and about the agitator shaft moving up/down separately.
To where does the rinse overflow go? Into the outer tub? This is a solid-basket machine, yes?
The mechanically-operated, linkage-controlled water valve clarifies again why there'd be a flood if a power-failure or mechanical breakdown occurs at the wrong moment!