1) Yesterday we saw a weak open, today we saw an even weaker...

1) Yesterday we saw a weak open, today we saw an even weaker open.
2) Every auction you can see the volumes are being played to accumulate and always push the price in a certain direction (either up one pip, or down one, the overflow volume from the match is rarely more than 10-100k
3) We saw less 'large dumps' yesterday, and as per point 1, didn't see any on open today
4) The capped supply depth which has usually been over 2m+ parcels at multiple layers is no longer being seen
5) we haven't seen a big line wipe from the buy side in.... 2-3 days? Last Friday was the last I think.

I said the other day that this is nothing more than a large seller/s pushing the price lower and taking advantage of the macro conditions of the market, delays on deal signed, and retail fear/panic. Whether this is accumulation or distribution to related parties I don't know, but it is apparent to me that we are now arrived (or will very soon arrive) at one of two scenarios;

1) The supply is running try and market remains uncertain
2) The supply is not dry and will attempt keep prices at around this level because they probably accumulation lower than this will be too difficult with retail buying into what is now blindingly the obvious

In either event, I don't see it going much lower than here (unless some unexpected catalyst occurs), and may well churn until we get news (if not reverse). Candle sticks are useless right now, IMO, as the open and close, highs and lows, have been manipulated too hard in a controlled decent (we had days where <$1k worth of shares gave us a long wick on a 4 pip range trading day, stupid. The LT trend-line, follow it if you like, but I think the horizontal support and resistances, and taking not of where the volume traded and therefore where VWAP is, is the thing to watch here.

Well done to those who sold in the mid 2s and saw this coming, well done to everyone back in at these levels, and hats off to those who held strong through the entire slide.

All IMO, DYOR