An interesting has happened over the past week. More setups on the long side have or are in the process of developing. But, they still need a week or two to complete. A good downward drift with a shakeout would be an ideal scenario for the bulls.
Typically the market tends to move counter overall trend early in the week and back with the trend in the latter part. This doesn't happen 100% of the time, but enough to validate it as something to watch.
If we get a big sell off on Monday and Tuesday or either or, it could be an indication that the current leg may be entering it's panic mode. On the other hand if the market attempts to rally, I would believe the second leg down will be more severe and ideal setup for the shorts.
Again, your positioning right now is more of a preference of aggressiveness then anything else. Realistically we are still at the point where we should be on a yacht fishing.