The position structure of PONS’s large account has said it all— the long-to-short ratio has pushed to more than double; longs make up about seventy percent and are still being increased. This level of positioning piling up isn’t a shape that can be built by retail investors banding together. The price stays flat near the highs without dropping; all the moving averages are underfoot. The main players aren’t in a hurry to distribute yet—they’re waiting for the final wave to lift the sedan. The trend and the funds are moving in the same direction. In this game, I’ll hold steady and wait for takeoff.