The first depression is in the same place as the second one
Revolving model W - This model is formed after a downtrend (downward trend). A distinctive feature of this model is the location of the valleys (local minimum prices): the first depression is lower than the second. This arrangement suggests that the trend has weakened and can no longer support the price drop.
Looks like we are on our way but haven't confirmed a reversal until we break the high between the two troughs.