In order to confirm an intermediate cycle low, price has to break the intermediate downtrend line so technical traders go long. You can see that for the S&P 500 Index, that requirement was met back in October, and it will be met again in the next few days.
The problem for bears is that it will mean the market rallies above 2075 and could continue higher to new all-time highs. I think the real potential is in the biotech sector (via SPDR S&P Biotech (NYSE:XBI)), which could mirror the crash phase on the way back up and test the 70 or even 80 level