Should've shorted I guess, this thing is not pretty.
But I have been in stuff like this way too many times. Well for 50% losses not too often worse. Usually though with less then huge positions. If you got huge, then you have to take off some even as it falls, probably not a good time to say that, since it just lost another 25%. The hourly is so oversold a bounce should be forthcoming, but you can't predict how much, since the last one was only 2 pts. after a big fall to 18. Two things still concern me (as a bottom fisher), (1) OBV gets worse on each bar means huge selling even as it goes down and (2)
No panic selling, just consistent selling, that is the worse. A panic sell is accompany by a huge burst of volume and price capitulation, easily seen on the Bollinger Band. This selling looks similar to ETYS as it went down 70% from 70 to 20 and still hasn't looked good to pick at for me. Since this thing renewed its breakdown around 30, 13 is pretty close to the same. So on price basis I can see it bottoming.
But what else? |
