We continue to be in a down move and there have been days without counter trend bounce. The oversold market is so weak that it can not put together a tradable rally. The selling is slow and not panicky. Last week for a day it looked like some panic is setting in but the reversal on Friday in final hours ensured that there will be not much panic.
The Market Monitor primary indicator (25% plus in a quarter) is currently at 540. For it to reach 200 it might take more than next week. So going long is a risky proposition as of now.