  We establish an asymptotic formula for $\Psi(x,y)$ whose shape is $x
\rho(\log x/\log y)$ times correction factors. These factors take into account
the contributions of zeta zeros and prime powers and the formula can be
regarded as an (approximate) explicit formula for $\Psi(x,y)$. With this
formula at hand we prove oscillation results for $\Psi(x,y)$, which resolve a
question of Hildebrand on the range of validity of $\Psi(x,y) \asymp x\rho(\log
x/\log y)$. We also address a question of Pomerance on the range of validity of
$\Psi(x,y) \ge x \rho(\log x/\log y)$.
  Along the way we improve classical estimates for $\Psi(x,y)$ and, on the
Riemann Hypothesis, uncover an unexpected phase transition of $\Psi(x,y)$ at
$y=(\log x)^{3/2+o(1)}$.
