March 8th was likely the selling climax; the largest volume day since it went public. Every institution, fund, and spec who wanted to sell has sold. Since March 8th the price has gone sideways and the volume has dried up. There are no more big sellers. It should pop as the short positions realize this and their greed turns to anxiety and fear.
Is there any good news? No. All the news is bad news. What's that tell ya? Tells me the bottom is in. The dumb-money shorts are expecting another retracement and plunge. But they couldn't be more wrong. I suspect all the the smart-money shorts are now out and/or long. The dumb money may get short on the upcoming bounce but it will be a bear trap and their covering will be used to drive the bounce even higher.
Those poor dumb-money shorts with greed in their eye suspect what I have said is true. Never have they seen the magnitude of energy come out of this market than it did on March 8th. They see that volume stick standing there on the chart like Mount Everest yet they abandon sound reason and hold on to the story, the bad news, giving themselves over to hoping for more downside which doesn't come. The tension is building and soon they will rush for the exit.