Hot Cross-Currents Among the Buns of Steel Bottoms

My attempt to play a potential steel bottom quickly failed last month when I abruptly cut my AKS long for a small loss before the sector rolled back over. 

However, when the steels rolled over they retested recent lows, and may be forming double-bottoms now. It is, of course, way too early to declare any type of double-bottom confirmed, though, which means forays into the space on the long side should continue to be handled with extra care, given the damaged chart. 

Nonetheless, as a corollary to our analysis regarding the base metals and miners, namely copper, VALE, etc., I am intrigued by the action in AKS STLD X today, among other steels. 

Note that X is very heavily-shorted and could easily be ripe for a sharp squeeze higher off that potential double-bottom, highlighted below. 

Indeed, as long as the U.S. Dollar continues to pullback or consolidate recent gains the materials and miners trade can be deemed colorable for a reasonable snapback rally.