The buy-side got ferocious and ended up in this state. While the price at $XBI actually kept drifting softer, I越看越觉得不对劲. The amount of proactive buying suddenly ballooned by a huge margin, but it all got fed straight into the sell pressure above. Not even a decent bullish candle could be drawn. The four-hour down candles are getting shorter one by one; the bid orders in the order book are thin as a sheet of paper—so the rebounds can’t even reach the previous highs. The more it’s pulled up, the fewer people follow. Positions are still shrinking downward. Even the bulls are cutting losses and leaving. This isn’t called a washout—it’s surrender. Once this layer of paper gets pierced, below is a bottomless pit. Anyone who’s late can only keep sliding down with it.