False Base broken - now heading below $2, page-155

Trading range starting to form up - a break below $2.80 suggests a lot of selling pressure which continues to make me think it's distribution, but the trading range needs to play out to confirm this. An upthrust from here for a secondary test back to $3 given the selling would give further confirmation -as below. If it slowly trades back down to $2.50 though then I would label this an upthrust within an accumulation - but will need to see what happens. The fact that the shorting volumes are increasing (and spiked on the 21st and 22nd which is the days that it made a slightly higher high after the buying climax) suggests to me the composite operator is building a short position in advance of the next markdown.