Prices remain extremely oversold, but even so, they continued to slip on Friday.
Buyers stepped in at the close, but buying was tentative and did nothing to erase the damage caused by severe selling throughout the day. The market has a good chance of just bleeding lower from here before a true oversold rally can form.
This is no time to be bottom fishing hoping to catch the oversold rally. It's also not the time to be getting aggressively short. It's ok to manage current short positions, hoping for lower prices as it were, but don't press by putting your entire portfolio to work here. Wait for prices to rally back into resistance before reloading. Probabilities will be much higher after the market blows off some steam.
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