Just a possibility based on fractals, and fractals alone on this analysis.
-If we bounce on weekly from current levels, there is a chanse we're repeating the fractal.
If you want news on why this would be the bottom or why this wouldnt be the bottom there are plenty of sources in other analisis out there as well as great news on for and against.
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Also as for a smaller timeframe, there is currently a lot of fear causing panic selling. Lets see how this evolves.