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The deeper loss without a higher low is strong evidence that the reset has not started.
The momentum story has no current sponsorship signal.
The provider phase is regular and appropriate for this public update.
The key risk is continued supply through the breakdown area.
A higher low followed by a forceful reclaim is the required structural test.
The latest regular-session change is descriptive evidence, not a standalone signal.
No fresh public catalyst is needed to describe the tape, but sponsorship remains the information gap.
The canonical monitor is phase-valid for the open-settled regular session.
The key public risk is failure of the named support or repair zone.
The decisive test is the specific reclaim, base, or higher low named in the note.
A bounce without participation is not structural repair.
The large negative return remains the dominant signal.
The momentum story has not produced current sponsorship.
The fresh post quote is correctly labeled Aftermarket.
Downside and liquidity risk remain high.
The breakdown area must be reclaimed with follow-through.
The return change confirms continued deterioration rather than stabilization.
The original growth and infrastructure narrative remains the background rationale.
The worsening return is consistent with the canonical scan update.
The immediate risk is another failed stabilization attempt.
A higher low and breakdown reclaim are non-negotiable confirmation.