Currently it cannot!
The bounce has been weak and is drying up. This move can only be defined as a correction of the and price action will probably break down the channel and retest the support.
Do not take action until you don't see clear signals. There are not strong signals at the moment.
Sky is not the Limit
The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
Until we stay below that resistance, this movement can still be considered as correction of the bearish trend.