RIVER's price rally yesterday afternoon was truly astonishing—straight up to a new all-time high around 36. So what happened next? It never stopped falling from there. In a short period, the decline totaled 14 percentage points, and the entire trend looks like a waterfall. Given this downward momentum, the original support level at 20 is probably also unable to hold. Once it breaks below 20, at the current pace of decline, 15 might become the next testing point.

Looking back, many people probably thought that rally was just the beginning yesterday. But what happened? A bunch of retail investors chased the high and entered the market, and now they’re all deeply trapped, with no chance to breathe. This isn’t anyone’s fault; the lesson of chasing gains and selling losses is something they have to learn themselves. Carefully examining this wave of market action, the intention behind yesterday’s rally was very clear—it was a typical pump-and-dump by the market maker. The subsequent dip was aimed at liquidating long positions, and the tactics are now out in the open.