@TheScholar - I'm too tired for a proper answer but ultimately to rule out much lower I think it needs to beat 11s.
If it can't do that from this position then there's something very wrong here.
Be advised this is just how I read charts with TA - it's as likely, if not a number of times more likely, to be back at low 20s in relatively short order IMO.
Real-world inflation is 14% this year - expected to be 20% next year - wage rises will be the second wind for inflation.
That's eating away at people's available cash - at the lower end of the market of course - the banks are gagging to shaft people here, transferring their cash liability (which is how banks now see cash - they know the score ...) to be a liability hanging around everyone else's necks - for new/mistimed entrants to the market at least.
Who knows where/when the top is but the arse will fall out of it at the bottom end of the market at some point - top end is a different story as always.