Market observations suggest a potential reversal in the current downtrend, with key indicators such as RSI and MACD flashing oversold signals. A bounce off the current support level could be imminent, potentially triggering a short-term rally. However, caution is advised as the market remains volatile.

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I've been eyeing those oversold signals too. A bounce could be on the horizon, but I'd wait for confirmation on the MACD before making any moves.