This is when I wonder why I do not take my own advice. See previous blogs, a buy at $5 etc. Even so I do not understand why this one is up here. Coffee must be an illegal drug or something like that. Anyway, if you still own it, it is now a sell. In fact it may be a short if that is still in your vocabulary.
In my previous blog on this company I mentioned this company has $4 mln. in cash. That is incorrect, they only have $3 mln. which leaves them with 3/8th of a year at the present burn rate, that is 4.5 months! Waiting for a miracle?
C waves when they take the form of a wedge can retrace rather violently. We show this example as there are many stocks in more or les similar positions. This one did not hesitate, down 81% in one day!