$SLX SLX washout has been ongoing for two full days. The forced liquidations of low-position, high-leverage long orders have basically run their course, but the price action still doesn’t show any decent rebound. There are two core reasons: first, the 0.182–0.19 range has drawn in a large volume of low-leverage bottom-fishing long orders, and the floating loss positions holding on for dear life haven’t been washed clean; second, above 0.19 there is an enormous pile of trapped orders. For the main force to push higher in that context is essentially “freeing” the high-level trapped orders at no cost—except the cost is simply too high. On top of that, CVD keeps staying negative, and funds have remained in net outflow for a long time. With negative funding rates continuing to harvest longs’ interest, what’s happening right now is only the consolidation-and-grinding stage in the middle of a decline. In the short term, there may at most be a brief pulse of pressure around 0.188, but a genuinely sustainable rebound still has to wait until the bottom-fishing longs start cutting positions in large batches and until funds keep flowing back. Don’t blindly bottom-fish or hold positions through it until the washout process is fully completed.