I misunderstood the warrants situation which will make my view to the situation a bit less solid.

"... the warrants were exercised back on April 17th - the shares that were bought as part of the PP as well as the warrants exercised in April were not tradeable on the open market until June 7th - as of June 7th they are unlocked for the buyers and they may sell them or hold them as they wish"

The shares from exersized waarants will be free to trade after June 7th, which will not require an uptrend for the pattern I mentioned.

Sorry for misleading.

Michael