Down trend continues

All in all a disappointing week, we did not get the new update or the rally as I expected but the result was not as bad as it could have been.
Range box 7 seems to be as solid as ever & the possibility of the sp retesting the base at $0.165 next week is becoming more likely without an update to turn it around.
A continuation of the short term down trend line will see us at $0.165 early in the next week if it keeps at the same general angle of fall.

On the upside, a small bounce off $0.185 could be on the cards. A larger rally & swing back to the top of the channel at around $0.21 would be better but unless there is a hint of news I would think that might be a struggle but not impossible.
At this time $0.185 is firming up as the main support for this downturn, if that fails then $0.165 is next. There is also a gap at $0.155 - $0.16 which will probably fill if the sp gets down that low.

There are no divergences on the daily or weekly indicators at this time.
The weekly chart still looks positive to me just now. The flag on the weekly chart weekly chart last week which had appeared to breakout was premature & has failed. That pattern continues to build however.
The continuing weakness & retracement is still only showing a healthy 50% retracement from the highs on lower volume.
If the sp does fall to $0.155 - 0.16 & fill the gap that is right on the 61% Fib retracement level. That might bear watching I guess.
The weekly trading range of $0.035 is below the 15 week average of $0.043. The weekly volume of 3,367,176 & is about half the previous week

This is what it looked like during during the week.
Monday.
The flag pattern breakout failed & the sp closed back inside what I guess now would be called a down trending channel.
The support at $0.205 failed to hold after the close by a single trade of 100k in the aftermarket wash. There were 132 trades for the day & a range of $0.015. Volume was 1,075,561

Tue.
4 trades up till midday, the low for the day was $0.19 with closed at $0.195. There were 86 trades for the day & a price range of $0.02. No shares traded in the wash. Volume was 1,109,578

Wed.
There were 72 trades for the day & a range of $0.005. No shares traded in the wash. Volume was 814,791

Thu.
There were 42 trades & a range of $0.02. No shares traded in the wash.
Closed on previous support at $0.185. Volume was 487,208

Frid.
There were 37 trades, range of $0.005 and volume was 470,446 No shares traded in the wash.
Close again on the support at $0.185.

IMO with the amount of trades during the day, the decreasing volume & range, and the time of day that they start selling, it seems to me that the selling pressure is pretty much driven by the big traders who are just churning their accounts & trying to accumulate from weak holders. There does not appear to be any shorting going on.

I don’t really want to see it but I think we need a big dump by the traders on large volume down to fill the gap at $0.155.
This might clear the air & encourage the management into making another announcement.
Long term holders just need to wait, watch & be happy in their belief that PSY has the goods & will deliver them when everything is up to speed & not before. Nothing the company has said recently has indicated anything is amiss, on the contrary it is still all very positive.
We will be rewarded eventually, Just wait

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