$SOXL fell more than 35% in two days. I'm not treating the first bounce as a bottom. My bias is short. I'm waiting for a relief rally into the first overhead resistance to sell it. The catch: every timeframe is deeply oversold, so that bounce could be sharp. No higher high or higher low since the daily peak. Price sits far below every moving average on every timeframe. Why short: - Daily, 12h and 4h trends are all aligned down. - RSI made new lows with price. No bullish divergence yet. - First resistance stacks a breakdown candle midpoint, a half retracement and an unfilled gap. Three separate references in one zone is where sellers tend to show up first. Elliott view: this reads as wave 3 inside a larger C leg, not the end. Momentum lows across timeframes fit mid-wave 3, which points to a wave 4 bounce, then a new low. An alternate count (about 40%) says the low is in, so conviction is modest. I'm wrong if a 4h candle closes back above the support where the crash began. Risks: 3x product, so decay builds with time and gaps get amplified. Jobs data and AI regulation headlines could move it 10%+ in a day. Published by YTIlab · OMNISIGHT REPORT Not investment advice. All decisions and responsibility are your own.