Looking at stochastics it would appear oversold based bottoms typically occur with a double bottom in the indicator. The timespan between bottoms can run as long as 6 months; so although a bounce may be favoured over the short term it seems probable there will be another run at the lows this summmer.
There will be no economic recovery until the Transports pick up, so keep the hard hat on.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website