VELO's chart is telling a familiar story right now. You know the saying – ride the trend until it doesn't cooperate anymore. Well, that ascending trendline just gave up the ghost. Price sliced right through it.

Looks like we're watching a textbook wave-C formation taking shape here, and if the pattern plays out? We're probably heading down to that 100% Fibonacci extension sitting at $0.0046.

Here's the concerning part though: the bounce off that 78.6% Fib level was pretty anemic. Barely any conviction in that reaction. When support zones get tested with that kind of weakness, it usually means sellers aren't done yet. The path of least resistance points lower for now, and that $0.0046 target is looking more probable by the day.