Obviously bounces are nice, but there is still a lot of macro...

Obviously bounces are nice, but there is still a lot of macro fundamental issues still at play... I'm holding back my inner bull until a see some weekly levels taken back on major indices. These moves are not uncommon in downward trending markets, you see them all the time. There is still a lot of event risk at play too, I'm still being cautious.



It looks like to me that it is filling an imbalance in price (shown by the purple box, this is otherwise known as a fair value gap) and possibly in the process of balancing it is also creating a lower high. I'm honestly super inactive here, but I did see that someone mentioned it was testing the broken trendline, and they're correct! You can see it pretty clear as day.

If you're a pattern trader, this chart should pretty quickly resemble a head and shoulders pattern (reversal pattern) with price currently retesting broken support. See fig below if unsure.



If the weekly closes underneath $0.395 I'd say the chances of this pattern playing out increase. DYOR guys, play it safe and good luck trading out there!