I wouldn't be game enough to rate myself. It's really just trying to understand trends and I think everyone should and can give them a go so kudos to everyone that does.
Yes, I saw the double bottom also and while it COULD mean a bounce, I highlighted this level (light grey trend line) because it could indicate a capitulation level where holders do not want to risk further falls (stop loss). It is the highest volume week in RNU history where 500m shares were turned over and SP went on a 160% rise over the next few weeks. You can call it caution level if you like. Look back a few of my rnu chart posts and you'll see it's been there for a while, unfortunately it became relevant though.
Falling volume tends to support the (current) downtrend so there's some anticipation it could keep falling. The flip side is if we see an uptick in trending volume, this could be an early precursor to rising SP - it could mean that accumulation is going on but there isn't enough shares for sale (or sellers have decided too much loss so no longer selling down). Or some other catalyst could have occurred.
I mentioned that if was buying to purely speculate, it would be at this level right now. Tenuous, yes. Risk reward, possibly quite good with some upside available. Of course this is hypothetical until it happens
Big picture weekly chart showing feb 2021 massive volumes
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