JOBY: when the market doubts - smart money positionsJoby Aviation, Inc.BATS:JOBYTotoshkaTradesJoby Aviation is currently at a point where fundamentals are moving ahead of price. While the market is still focused on losses, the company is already transitioning into real operations. A recent flight over San Francisco wasn’t a test — it was proof of execution in one of the most complex urban environments in the U.S. At the same time, participation in the eIPP program opens the path to early commercial operations across 10 states in 2026.This is no longer R&D - this is pre-revenue infrastructure scaling. Financially, the company is built for this phase. Joby holds $1.4B in cash, with approximately $1.8B raised over the last six months, providing runway for aggressive expansion. Revenue remains limited at $31M per quarter, largely driven by Blade, while operating expenses stand at $238M and net loss at $122M - typical for a company transitioning into production. The 2026 outlook targets $105–150M revenue with projected cash usage of $340–370M in the first half. Meanwhile, FAA certification is progressing, manufacturing is expanding (Ohio + California), and international agreements (Dubai, Saudi Arabia, Kazakhstan, Uber, Delta) are already in place. This is not a concept - it’s an ecosystem being deployed. Now to the chart - and this is where the real story unfolds. After the impulse to $20.95, price entered a correction phase and is now trading near $8.97. The key structure on the chart is the 6.96–7.48 zone, where FVG + OTE + MA100 align with the golden pocket. This is not just support - this is a higher timeframe demand zone where liquidity is expected to be taken. Above, the chart clearly marks $9.93 and $13.96 as key levels. A breakout above $9.93 confirms a structural shift and opens the path toward $13.96, where the next liquidity cluster sits. Momentum indicators confirm a compression phase rather than continuation down. ADX at 24.87 signals lack of strong trend, while DI- (20.56) only slightly exceeds DI+ (19.06) - bearish control is weakening. CCI at -139.65 shows deep oversold conditions, while CCI MA at 5.78 is already curling upward - an early sign of momentum shift. PVO at 0.85% indicates weak volume expansion, and Volume Delta at -2.27M confirms selling pressure without aggression. This is the key insight: the market is selling - but not pushing lower. Price is currently trading in a low-liquidity zone between key levels, which explains the lack of impulse. Such phases always resolve with expansion — the only question is from which level. The scenario is clear. Either price reclaims $9.93, confirming structure shift and targeting $13.96, or it moves into the 6.96–7.48 confluence zone, where FVG, OTE, and MA100 align - forming the strongest entry zone on the chart. These are not emotional entries. These are planned ones. Joby is not about current profitability - it’s about execution of a new market. The company has capital, infrastructure, regulatory progress, and global contracts. The only missing piece is scale. Markets don’t wait for profitability. They reprice when inevitability becomes clear. And that moment often comes earlier than expected.