That drop just now basically burst the illusion of being held up at the previous high level. When $SOXL gave a shorting opportunity around 226.10, what I was watching wasn’t whether it could still push higher—it was whether there would be sustained buy orders after it goes up. Now it’s at 138.69, with a return of +761.2%, and the move is clearly extending.

I’ve already noticed this level earlier: repeated attempts to break through overhead resistance failed to take hold, and the rally didn’t come with any solid volume. The longer the market grinds, the more fragile the order book looks. Many people think sideways consolidation feels safe, but I feel the opposite here— the longer it stays flat, the faster the liquidation when things loosen below.

This downswing didn’t happen suddenly. The key was the failure of the rebound: buyers didn’t dare to step in, and sell pressure started actively pushing downward. After shorts are in profit, I won’t stubbornly hold to the end. I’ll take profit in batches first, move the protection level down, and then see whether it can continue to release room for volatility.

If you missed it, don’t rush. This isn’t a good time to chase—wait for the next spot with stronger certainty.

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