MicroStrategy, Macro ProblemStrategy Inc Class ANASDAQ:MSTRCryptoKneeMSTR broke and retested a 122 area / LOI, rejected hard, and accelerated into a 88.50 AOI. The larger structure is still lower highs and lower lows. Until bulls reclaim key pivots, this remains a bearish structure with bulls needing to prove a real shift. The 88.50 area has now been tagged, but there is not a clean bullish reaction yet. Because of the acceleration, I’m considering that this move may be extending. If price continues lower with strength, the 63 area is the next major downside LOI, with the 50s also becoming possible depending on how the wave structure develops. The two main versions now are either a 5th-wave extension if MSTR gives a strong impulsive bounce from here, or a larger wave 3 extension if price keeps accelerating lower. Key levels: • 136 = first major pivot bulls need to beat to shift structure • 122 = last rejected LOI / major reclaim level • 101 = prior pivot that could matter on a bounce • 88.50 = AOI now being tested • 63 = next major downside LOI if acceleration continues For bulls, the first step is a clear impulsive reaction from this area. Without that, there is no reason to force a bullish read. For bears, any corrective bounce from here still keeps pressure lower as long as MSTR remains under the 136 area and continues building lower highs.