Here's what I'm seeing. Depiction shows PS1 tripped. Assuming MS is the starter coil for the (hydraulic pump) motor. As soon as PS1 trips, motor stops.
Part of what has me wondering is why the "start" switch is labeled START/RETURN (hereafter S/R). The only way I see this working, PS1 is an overpressure switch, i.e. greater than 100% at 2000 PSI, and between pump and solenoid valve. For discussion, we have to set initial conditions: the last cycle completed without going to 100% mode, ram is completely retracted, and 0% pressure on hydraulic system.
S/R button is pressed. Because R1 is not immediately energized, the REV solenoid is energized through R1 NC. The ram travels backwards to end of travel, then PS1 trips on overpressure. This energizes R1 and T1, which then become latched through R1 NO"1" and T1 "NC". R1 NO"2" energizes FWD solenoid, and on forward ram travel, PS1 resets. This all has to occur while S/R button is depressed. If S/R button is released prior to PS1 resetting, motor stops and process must be repeated (or, if last cycle did not end with ram retracted, ram retracts until PS1 trips then system stops [provided S/R is not held depresed]... ready for new cycle).
I'll stop here to await confirmation on my thinking being correct (or corrected

).