2nd oversold buy setup of the year

I failed to note that early March was my 1st short to medium term buy signal of the year. At that time I added a comment to that post of a brief rally thinking a retest lower (and trigger the buy signal) would occur which it didn't happen. Only difference was that the this past week's correction has been more deep resulting in the major indexes to finally retouch their 50 day moving average (only the NDX, Nasdaq 100, is still +1.5% above its 50dma.) So what now? The setup is there for at least a short term bounce if not a medium term move higher. The chart included is what I'm anticipating... a brief rally and then move down back toward today's low and possibly lower before getting A bottom. That's the scenario I'm looking at. Of course there are the best and worst case scenarios but those are the extreme ends of the bell curve.

SP500 within its 50 day moving average

Couple posts ago I noted that the major indexes could continue higher slowly while majority of the individual stocks will struggle by either consolidating or pull back more on corrections... but the major indexes will eventually start moving lower. And this was the classic internal weakness that has occurred since my last post as the major indexes has finally pulled back in this past week. The SP500 is within 1% of its 50DMA as the stock market has entered oversold conditions. This condition should lead to somewhere between either a quick bottom and rally OR a bottom process that will require more downside probing before an eventual rally. I'm anticipating the latter.