Everyone’s guessing how far this drop will go, but nobody’s first asking: who put the money in when prices were rising? Qiao Qiao, the one on my list, laid out the numbers for me yesterday: the buyers stepping in are seasoned money already in the market, and more volume came in on the way down than on the way up. He’s willing to put numbers on the downside—where the danger zone is, where the final line of defense lies, and at what level he’d actually see the sell-off as an opportunity to buy. He’s mapped it all out. Calling a direction is just a guess; laying out both the defense line and the opportunity zone is a plan. Whether he catches that next wave, I can’t promise—but the line he marked hasn’t been breached yet. The levels are right here; you can judge for yourself.