I am adding a few observations to the technical picture that...

I am adding a few observations to the technical picture that Zior so eloquently updated. I am defining this area right now as being significant to traders looking for a possible turn and positioning purposes.
I am including a daily and 60minute logarithmic bar chart with simple 21,50 and 200 day moving averages and coinciding periods on the 60 minute along with parabolics which is a stop and reverse indicator along with a chart of short interest. I added a very simple Elliott wave count to the daily to give structure to the chart. I like to use bar charts because it’s cleaner for my eye but the theory of candle sticks is always incorporated in my analysis and highly recommended. As you can see it appears we have finished or are finishing a full Elliott wave sequence and added to the fib retracement of approx 50% of the up move with momentum divergences, gap down on heavy volume and news might have created a significant turning point. A good analog of what we are possibly setting up for is the Nov 2020 to March 2021 period. After completing a complete Elliott sequence with a 3 1/2 month correction we ended in a final shakeout in March of 2021 which I circled on the Daily chart in blue. The sentiment was very negative as we took out the 10cent support that everyone was watching on high volume and ran towards 9 cent. Traders where stopping out or shorting looking for the lower gaps to be filled. It is a fallacy that all gaps get filled. Gaps do act as price magnets and support and resistance areas and can give a tell to the market condition depending on where they show up. After several days of distribution on heavy volume the market came back above 10 cents took out the downward sloping trend line from Nov 2020 and began its move to 49.5
cents. In hindsight the largebuild up in short interest up to 105million shares coincided as a hedge against Paul Hoppers options which I thought was naked shorting but some got correct( Hat tip to Slick and others) Once the options where hedged a lot of the selling ended.

Putting it all together. The 21/2 month correction appears to be ending . I thought it ended about 2 weeks ago when price took out the green range on the 60 minute to the downside and went to 31 cents rallied up to the down sloping trend line at 35.5 cents but failed as the market gapped down on the cap raise. I was wrong. The gap down to me appears to be the final washout. As in the last correction where we had the Hopper hedge , profit takers and trend sellers leaning on the price we have the same conditions. Hedging by dealers, trend followers and profit takers into a high volume low prior to the cap raise. As you can see on the 60 minute I labeled the gap as a possible exhaustion gap. Now that a lot of the dealer hedging is no longer needed and already covered as you can see in the short man chart we’ve taken out a large seller. What I would like to see is the gap act as a magnet and pull price up fill the gap and take out the downward trend line that comes in around 32.5 cents.

One big caveat it’s always about the fundamentals and technicals can give you a lead up to good news.
Good luck!