Enzolytics Inc (ENZC)

[foxi]

Not necessarily! I showed the typical way to calculate the profit target (per investopedia) for this particular chart setup, but in my opinion there isn't enough time for sellers to drive the price as low as .02 before buying pressure increases in light of anticipated news. The lower the price goes, and the closer we get to news, the better the opportunity will seem for many investors who want shares before March.

A profit target of .02 means a short seller should plan to cover or take profits around that price. A reversal could happen or news could drop well before then, so there's no guarantee it'd get that low.

In a scenario where this keeps trending down, we should see the tug-of-war between buyers and sellers continue, and there'll be temporary reversals like we saw today.