The Bear channel remains intact and until breached to the upside I will continue to target lower price levels corresponding with the Middle and Lower Channel Support. Even with a bull break through and close above, I would want to back test to confirm that the recent resistance line has now become support. Only with massive bull volume can we conclude that a near term bottom has been reached. So far there are very few signs that we are there yet. I continue to watch higher time frame indicators (Weekly, Monthly) in determining when extreme oversold conditions are reached.