1d: If you've been participating at the recent trends in the US stock market, you can see that there is no buying sentiment among individuals, except that institutions have made profits through market manipulation while wiping out lows and highs.
This is because market sentiment has entered the fear phase.
Therefore, even if the previous low is reached, individuals are not buying and there seems to be no reason for the market makers to hold the low.
1w: The market sentiment and charts are very similar to the Hyman Minsky model.