Hexagram 49 describes change of a specific kind, and getting the kind right is the whole reading.
This is not adjustment, improvement or growth. It is replacement: the old thing removed and a new thing put in its place, with a discontinuity between them. The image of moulting is exact, the skin is not mended, it is shed. Readings that soften the figure into general transformation lose the sense that something is being ended deliberately, by someone, and that the ending is the point.
The timing constraint is the second half. The judgement's insistence that belief comes on the day itself is echoed in the first line, which counsels wrapping in the hide of a yellow cow, being bound, holding still, and in the second, which says that change should be made on one's own day. The text is unusually emphatic that premature change fails. What is required is not enthusiasm but the right moment, and the hexagram spends most of its length saying so.
The top line closes the figure with the distinction already noted: the superior person changes like a panther, the inferior changes only his face. Continuing beyond this point brings misfortune; remaining in the new condition brings good fortune. The counsel is to stop once the change is made.
In reading practice this is one of the strongest indications in the book that a situation will not be salvaged by repair. Its counterpart, hexagram 50, describes what is built afterwards, and the two should be read as one argument rather than as two verdicts.
Where the figure is most often misapplied is in questions about personal change. It is not a hexagram about growth, and a querent hoping to be told they are developing well has usually been told something considerably more disruptive.