There are still people trying to grab rebounds in a book like this—aren’t they afraid their positions are getting too hot? The AKE four-hour structure is stabbing downward; the price is creeping along just below the moving average, and the open interest/day volume has dropped by more than 10%. This isn’t a shakeout—this is the bulls surrendering their guns first. Over on the whale side, it’s even more straightforward: both the account and the positions are reduced at the same time, calling for bottom-picking with their mouths while their bodies keep backing off one after another. The small advantage of active buy orders can’t support anything at all; spot large orders stay at zero throughout, and the off-exchange money doesn’t even look twice. A rebound? When nobody takes it, that rebound is just a dying struggle. By the time the bulls fully lie flat, there will be plenty of room left below.