If you are still short, now might be a good time to take (some) profit or at least tighten the stop loss on your positions for the following reasons:
- The last impulsive leg down resulted in divergence on the as well as on on (almost) all hourly time frames.
- The current price level is a zone, being not only the of the initial move up, but also the of the first corrective leg down.
- A possible EW interpretation is marked on the chart. But even under the most interpretation imaginable (see e.g. Ivan's idea linked below), at least some pullback is required before the next impulsive move down can start.
In brief: Although lower lows are still possible, I would realize some of my profits now. Opening new shorts is not advised right now (unless high-risk scalps are your kind of thing).