At the moment the short term trend remains down, but by several measures the market has become very oversold while sentiment remains stubbornly neutral. These factors suggest that a sharp countertrend rally could occur at anytime, but that it will be followed by lower prices.
I will be looking for shorting opportunities in the coming days. Only a reversal on increasing volume with a rise the % of stocks above the 50ma to above 60% would change that outlook.
At the same time, the most likely course is for a restest of the August/October lows followed by another attempt at the October highs rather than an immediate breakdown below the October August/October low. Once that point is reached we can re-evaluate the potential future course.