markets oversold short term

Today's markets didn't go anywhere. The volume was very low. The Dow was down slightly and the S&P and the Nasd was slightly up. But we know that the markets are oversold and could turn up for the next few days. Then the downtrend will continue. Continue to hold cash or go short. I am not a short term trader but I am waiting for this trend to run its course downward. Then I would hold cash or buy long for the minor 4th wave. On studying the charts I noticed that the major wave 1 lasted 13 months, and that major wave 2 lasted thirteen months. If we are in a 13 month cycle, then the current wave which started in April will end in May 2011. The prices will be lower than they were in March 2009. October has been known for its stock market declines. I would be wary of a 3rd wave decline starting in October 2010.