RE:Selling in waves....Your final point is good - never know when this will rebound and when it will bottom out. I also agree with the comment that the main drop was coming from the income investors.
I'm seeing today like what happened with AQN this week - not all income investors dropped it, you now have some that are tax loss harvesting or just dropping as well.
The comment on the shorts though doesn't look to be that valid - this stock has a pretty low level of short activity. This is publicly available through IIROC.
This is a micro-cap - so really hard to determine what the root cause is. All you need is 1-2 large investors deciding to get out and it can drive this thing down.