I believe we will see a repeat of last weeks cycle, basically forming a large "W". This does not indicate we'll be able to break the channel one way or another, so for now id still consider us in a bear market, with just the possibility of a short-term bull run.
On a smaller scale, we may see another drop in the coming day or so, but if so it may still just be a continuation of the cycle, as shown in the green ellipse.