Bearish intermediate term trend continuation confirmed. Bearish Break of Structure with Weekly candle closure under $1.62. Expecting a short term pullback after filling all internal range liquidity from Jun 22' - Jul '23. In addition, external range liquidity under $1.62 has been sweeped (Long Stops to close have been squeezed, Bearish open sell stop orders trapped for the moment). Let's see if shorts get squeezed before a new bearish continuation leg. We have tapped into Weekly BISI (Buy side Imbalance Sell side Inefficiency/FairValue Gap) so passive buyer's limit orders are coming in while simultaneously coliding against key structural support. The problem is; the company is subject to keep burning cash unless they decrease R&D (and the market will keep discounting this), the deterioration of fundamentals against a strong Q3 22' and the macroeconomic backdrop are all headwinds. There is an unmitigated monthly Pivot demand zone @$1.26 & a Weekly bullish gap fill @$1.08 + Monthly Open price from Oct2020 (The month the bullish breakout began 3 years ago). I still believe in this company and it's long term goals. I think such a deep transformation to the business model takes time to show it's full impact. We are on track, even after stumbling Q3 and quite possibly Q4 aswell. The market is fullfiling long term expectations.
