Low volume precedes an uptick in price, actually. If you think about it, as a stock drops (especially into its lowest block) the volume moves with the gradual absence of investors-therefore lower and lower.
Price has hit its bottom about 7X. Not definitive, but a good sign of stability at this level. re: Elliott Wave terms, this is in a W4 pattern which notoriously goes on and on...(See Wikipedia on Elliott Wave Principle/Wave 4.)
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