It seems to be basing but trend still down, so time for soup(thin profits). Stairstepping down never a bullish pattern, anticipate heavy selling to make steep move down to buy.
@treeman, this is first year of my life I am using margin in my stock account, not sold anything that is showing a solid dividends since 2009, I had sell signals before the move down which tells me to hedge stocks and long term futures I am still short but have bought calls off the bottom to hedge open profits in the futures. I see no reason in economics for market not to make new highs.