It's still possible this is a larger whipsaw, but it's way too risky to knife catch in this environment. Unfortunately, the chart has turned bearish on the 4H, 1D and 1W charts. And bears have time on their side. Nothing to do but wait for signs of life from the bulls.
First signs of life off the $7,600s:
15min inverse H&S completed, pushed into resistance. Maybe we'll pull back now and form a higher degree H&S on the hourly. The volume profile looks right.
Dragonfly doji and follow-through on the 4H chart:
Bulls have their work cut out for them, though. Looking for more confirmation. The daily is still in the shitter, but if we can close near $8,200+ then we've got a dragonfly doji. The upside here is that the market is heavily short right now.