Tomorrow is bearish, page-266

Having traded heavily for more than 16years with the aid of CHARTS I am well versed with the Cup and handle.

If it test $1.60 this is not a cup and handle. A Handle can not go near the base of the cup.

To show a potential Cup and Handle it must HOLD at $1.80. and immediately reverse.

A Cup and Handle is generally more rounded and the volume of the sell off from the right hand side of the Cup is usually low volume NOT HIGH volume.

http://www.investopedia.com/terms/c/cupandhandle.asp

Anyway with a high volume sell off, increased SHORT positions, calling the formation of a Handle this early is just a little bit more than BRAVE.

Not saying it won't happen - but on Volume it does not look likely. I would recommend you await for confirmation.