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Looking at this wave of the market, the high point clearly shows someone is positioning for a short, with the same tactics as yesterday—the two needles inserted from above and below, the routine perfectly matching.
The current question is quite interesting. If the big players still want to continue playing, then the upward rally might still be part of the script waiting to unfold. Will history repeat itself? It depends on how much patience and ammunition the opposing side still has.
Honestly, it's really hard to tell whether the decline has bottomed out or not. No one can say where the bottom is. This level could be a trap or it could be real support; it all depends on how the subsequent trend develops.