$PONS Small-cap momentum is dead: the daily line is a -11% single candle — a huge bearish pinning spike nails it and any rebound is dead on arrival. On the four-hour chart, two small bullish candles can’t top four bearish candles. In the late stage, that last candle directly shoots up from 0.742 with a long upper wick and smashes back to 0.68. It just won’t bounce—no way, no bounce. Contract side’s aggressive selling volume accounts for 60%. The fee rate is still stuck in the positive zone. The long side keeps holding and bears the heat until it’s smoking. Enter short at 0.703. First target 0.65. Stop loss 0.75. If it breaks, it becomes a no-resistance corridor.