If a stock enters the alternative uptick rule, once it has dropped >= 10% from yesterday's close, it means we can only short on an uptick. I understand this to mean that we can only short when the last delta in traded price was positive.
So if we have a stock that's $16 bid, $17 offered, and someone sells a 1 lot at $16 followed by someone buying at a 1 lot at $17, then we are in an uptick and we can short.
However what I'm hoping to gather is - are we now allowed to short at prices below $17? Could I send a sell order at $16 and get filled because we're in an uptick? Or does the uptick rule mean that I can only sell at prices >= the last print price (which would be >= $17) ?
So if we have a stock that's $16 bid, $17 offered, and someone sells a 1 lot at $16 followed by someone buying at a 1 lot at $17, then we are in an uptick and we can short.
However what I'm hoping to gather is - are we now allowed to short at prices below $17? Could I send a sell order at $16 and get filled because we're in an uptick? Or does the uptick rule mean that I can only sell at prices >= the last print price (which would be >= $17) ?
