Thanks for your detailed analysis. It is much appreciated and is in line with what i was thinking. I have been watching L2 religiously for a month now and every time there is a huge bid it gets wacked out. The good news is they arent discriminantly selling shares and wacking the bid at any price, only when there is a large order present. I still think this could get to a penny with some buying pressure of a couple of days of 30 million or so...
What dilution? I do not see any dilution. What I see is volume took it up until over bought. Pretty close to same volume then takes it down to over sold. It's done this now 4 times. Same pattern repeats. It getting close to the same over sold as last time in this range. Bit more to go.