This is correct.
Everyone that was wishing for a better entry earlier in the day now has one. Taking the volumes on the OI from the bottom of that drop, there is still likely over 200% of the float claimed by the OI on the chain in the worst case. This exact scenario is what we picked up on with IRNT when we called out that it likely wasn’t done.
This selloff was abnormal and I believe it was likely retail getting concerned, but with that said, I think that this is still in play and I am holding my full position.
With over 200% of the OI claiming the float, this still likely has to run.