I would like to refer you to lowtrade as he is an expert on technical trading. I read his board regularly and he regularly replies to queries of novice tech traders. Just do a boardsearch or membersearch on lowtrade. will not do you justice if I reply to your query but I do believe your explanation is right on.
many from YMB are monitoring the failure to deliver of NEPH. the shorting has been notorious to ignite panic selling. the month of april, the selling has stopped (few days after r/s) and that is when huge accumulation began. there is zero point in selling now it'll be either little or zero profit at this level. only folks desperate to get back cash will sell neph.
the huge spread is making it difficult to buy/sell. bottom line is that we need to have an update from the company and the upcoming SEC filing is going to show us what's been happening. what many don't realize is that there are multiple iron on fire here and we just need one to push us to $1 and beyond.
News 
Market Data 
Discover 
