A fairly well orchestrated shakeout following news by those with the power to accomplish a move like this.
On the daily chart it appears a bit gloomy until the closing move where some demand did appear (lower wick) but the positive is really that high volume. Sounds a bit strange but we know volume like that is out of the ordinary. Excessive volume in a bar like that usually results in knocking the sp sideways.
WTM daily.
The effect of the excessive volume can be seen better on the two hour chart where two consecutive doji (circled) have halted the down move. So, not all doom and gloom and a more or less expected response to that shakeout... obviously the sooner the sp can get back up the better but things aren't as bad as that first look. For those that like indicators note the oversold RSI on the two hour chart.
WTM 120m. chart
WTM Price at posting:
27.0¢ Sentiment: None Disclosure: Not Held
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