Step 1: Map out the chain.
The pathway order is $S1 \to S2 \to S3 \to S4 \to P1 \to P2$, run by enzymes $EA$ (first step), $EB$ (second step), and $EC$ (third step). $EA$ is turned up by positive feedback, $EB$ is turned down by negative feedback.
Step 2: Remove EC and watch S3.
$EC$ normally clears $S3$ forward into $S4$. Take $EC$ away and $S3$ has no exit, so it starts to build.
Step 3: Let the built-up S3 talk to EB.
Because $EB$ answers to negative feedback, and $S3$ is exactly the molecule $EB$ makes, the rising $S3$ signals back and switches $EB$ down. This closes the door between $S2$ and $S3$, so $S3$ stops rising further and $S2$ stops draining away.
Step 4: Check the supply side.
$EA$ has no such brake, in fact it is under positive feedback, so it keeps converting $S1$ into $S2$ without slowing.
Step 5: See where the traffic jam forms.
$S2$ keeps arriving from $EA$ but cannot leave through the now silenced $EB$. That mismatch, still coming in, blocked from going out, is what makes $S2$ the molecule that piles up, not $S1$, $P1$, or $P2$.
Step 6: Conclude.
$\boxed{\text{S2 accumulates}}$