I disagree on your interpretation of “relatively high”.  Weekly RSI is about 45 and falling.   Historically the only time we get under 45 Weekly RSI is during the significant bottoming events in January 2015 and December 2018.  I would say 45 Weekly RSI is “relatively low”.

To get much further down you have to assume a capitulation event. We already had our capitulation this cycle.  Am not convinced we need a second one this cycle.   During the 2013 first crash we never got below 48 Weekly RSI.