I just think it’s the nature of the steep three-wave pullback. The sellers are those that bought to high toward the end of the run-up and are panic selling or being made to sell from margin clerks, potentially, because of being overleveraged.
However, the institutions know that the next uptrend has kicked off with that strong breakout of that range. Therefore, they know that the next up-leg will kick-off after this three-wave pullback is over. They don’t know exactly where it will end for sure, so they start buying in, some now, just to make sure they don’t miss out and they’ll likely buy some more if it drops closer to its 200-day moving average and the former resistance zone (red boxed area) which becomes a future support zone.
It’s also trading outside of the bottom Bollinger Band, so there’s a statistical likelihood of a snapback sometime fairly soon.