After shorting $lab and the first wave of violent rebound, the highs and lows keep decreasing, and the 1-hour level rebound is weak. Looking at the 15-minute small cycle, there are obvious signs of a breakdown during the third wave. Once it rebounds again, you can go short.

The target here is definitely the previous low. Multiple rebounds without strength, otherwise a large bearish candle with a needle piercing down to 5-6, or a volume-driven decline to around 8. After the second retest and a bullish candle appears, it’s time to take profit and exit.