Yes, I think it can go down a bit more. I am still hopeful that it won't break down the $11 mark. The sp is now already within the trading range of the previous accumulation. That is when a new accumulation phase starts previously. Will it be different this time? I wonder.
I think it still can go down further because the red candle and volume today don't show a clear sign for Selling Climax. The red candle has a lower shadow but it is not long enough and the volume is high but not ultra high. So I am not sure if AKE reached the Selling Climax today. We'll wait and see for confirmation or otherwise.
What surprised me is that the volume is only high (above average) and not ultra high on a scary day like today. So I think you are right about "retail gets shaken out". If institutions got shaken out, the volume would have been ultra high. So the fact that the volume today is just above average, I read it as a sign that there was no selloff from institutions. I hope it is a good sign.
AKE Price at posting:
$11.64 Sentiment: None Disclosure: Held
