Watching $USLV for a rebound at 16.17

Hey everyone, been eyeing $USLV today. We saw it dip to 16.17 earlier, and it's currently sitting at 16.42. That 16.17 level looks like a decent spot where we might see some buyers step in, potentially forming a double bottom or at least a short-term bounce.

My take is that if it breaks decisively below 16.17 and holds there, then this whole rebound idea is probably off the table for now, and we'd likely see it test lower support. Just my observation, not a call, but something to keep an eye on if you're watching the same charts.