Damn, thats bearish - SAND weekly update Aug 16 - 22thThe SandboxVANTAGE:SANUSDPhillipklhThe outlook for SAND does not appear favorable. From an Elliott Wave perspective, we are clearly in Minor Wave 2 after completing Wave 1 with strength. Within this Wave 2, the current structure shows us in the final stages of Minute Wave B. At current levels, this makes short positions particularly attractive. Looking at the bigger picture, it is crucial that the upcoming Minute Wave C does not fall below the 0.2469 level. A break beneath this threshold would activate the alternative scenario, which would mean a violation of the primary Intermediate Wave 2 low. For this reason, it is critical that the 1.0 Fibonacci extension of Minute Wave C holds. From a liquidity and order flow perspective, the recent rally in Minute Wave B has already cleared liquidity, as highlighted by the heatmap. The order book appears thin, with only small clusters of orders below the price. These are gradually building into larger orders and potential buy walls, which could provide the base for completing Minor Wave 2 and starting Minor Wave 3. Derivatives data adds further context. Open interest has been in decline, though a recent uptick occurred during the formation of Wave B. Funding rates have reverted from negative back to normal positive levels, which also coincides with the short-term bounce. However, the Cumulative Volume Delta remains largely unimpressed, staying negative despite the temporary strength in Wave B. Overall, my bias remains bearish, and I will be positioning myself with short orders in line with this setup.