Your thinking it'll go to two-bucks is interesting. It's pretty tightly wound and my not go that far down. I thought around two-ten would be a good re-entry point.
I think you make a good case to short the stock. That would give you about .80 cent on the short side. Problem is your logic, and the charts disagree. The charts show an uptrend for the last couple months. The street knows about the earning so it won't be a suprise.