Wow... what a morning. I go into a meeting and come out to find that the caution flags I said cause me worry are coming into poly. The technicals have broken, and unless this equity sees a recovery today, we are in a new downtrend. Volume is high on this move, so it is quite real. The 50 day EMA sits at $2.66, and that could well be tested. The big question is whether we go below. $2.60 is the next strong support.
If I was to make a call now it would be that the bottom will be $2.60 if we break below $2.67. That gives us two bottoms to consider. If you played this, congratulations! Personally I would not worry about re-entry until the equity bottoms out and confirms that bottom with lower volume and an uptick. Stay Tuned!