E-mini Bounce from Oversold on 4-hour Chart

Yesterday, the E-mini touched the oversold condition on the 4-hour chart. This could lead me to believe that we are going up from here. However, there are a few conditions why I am not convinced: 1. On the 4-hour chart, we are coming from an extreme overbought condition; thus in theory, we should see and extreme oversold condition; this hasn't happened yet. 2. The MACD hans't turned to positive yet, this leaves room for more downside. Perhaps we won't see the bottom today and we'll have to wait a day or two to see it. We'll see.