The implication is clear. Any next up leg will need to start with a breadth thrust.
A bounce not supported by significant breadth will be short lived.
If more selling continues then we will have a very good setup on long side. The selling would lead to readings on primary indicator going to extreme and that would be good for a sustained rally.
In the short run after market being down for so many days in a row, a chance of reflex bounce are extremely high. However sentiments paint mixed picture. The Investors Intelligence sentiment is at 47.4% bullish. Which indicates very high bullishness.