I think that you are right in your analysis of what's going to happen to X's stock price. I'm really not knowledgeable regarding technical analysis, but I think I see the trend you're talking about. It looks like the BIG BOY CRETINS ON WALL ST are shaking out a lot of weak hands to be able to accumulate at lower prices and then run this sucker back up. The big question is, where is the pivot point ?
One reason that I'm not big into T/A, is that past results do not guarantee future performance, but with a stock that is so manipulated, as X is, T/A could very well reveal the game that the CRETINS are playing over and over again with X.