TSX has about another 258.11 points to gobefore reaching it's Oct. 17 low of 8537.34... which will complete the double bottom. Then the market should head back up...(should being the important word here).
I wouldn't worry that about much more TAX loss selling the last few months has likely taken care of that problem and then some.
I see a spike coming in the markets after this retest of the lows. There are Trillions of dollars sitting on the sidelines and bonds aren't going to be cutting much longer.
The market should continue up until until early January after that not sure what the picture holds...However markets are usually 6 months ahead of most recoveries and we are at least 1/3rd to 1/2 the way through this mess.
Next two quarters will look the worst but the market already has that priced in. And the Market has already written GM, Ford and Chrysler off one or all three will go into Chapter 11 doesn't mean they'll close the doors just means they have time to re-work the mess they got into.
Oil and gold will be the go to items here shortly.
Cheers