I still maintain that we saw an important low yesterday (as Fearless said, it is likely the low for the rest of 2011 and I definitely tend to think that as well).
My Trend System issued an early buy signal yesterday at 110.11 (see here and here). It was strong enough for me to send out an early signal notification. That signal was confirmed today with my main indicator on my 60-minute system at 112.50.
So this could be a significant bottom. Or it could just be a strong rally that lasts several days. Either way, my trend system is pointing to more upside from here, based on the strength of the trend signal.