Called the bearish action post-dilution June 23rd. See Prior AMC Post Referenced.
Here's where I'm at now:
50 SMA is getting hammered on high volume so this isn't retail. The big boys are probably taking profit. Dilution is just the cause.
The trendline approaching current price is weak — only two touches, so I'm not giving it much respect. The 50% Fib off the March low to recent high sits right below a supply/demand zone. There is a lot of potential confluence but it's not that strong. I prefer the 618 and the lower supply/demand zone pictured.
My thesis still remains that level gets hit. Could be a wick that recovers within two sessions — I'll take that, classic shakeout, structure intact. A daily close below the wedge is a different conversation entirely and puts the whole bullish case on hold.
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