China's manufacturing sector amounts to almost $4T and 30% of its GDP. The corona virus continues to spread throughout the world shutting down demand significantly with no end in sight. Even if economies began to open back up, supply chains and demand won't return to what they were for a decent amount of time.
On the daily chart, I am beginning to see weakness after a 6% bounce from the March lows. I am waiting for a break in the upward wedge.