I'm not so sure as I think the s/p is destined to head south for...

I'm not so sure as I think the s/p is destined to head south for quite a bit longer. There may be a technical bounce due to the rapidity of the recent decline but it may well transpire to be a dead cat bounce. What is unfolding globally is serious and the Saudi's seem determined to preserve or increase market share come hell or high water .... from memory their production costs are around $20 per barrel ... so there's room for more pain if they hold to present production targets (or increase them). It's a bit like RIO and BHP increasing iron ore production in the face of falling iron ore prices to preserve and increase market share and drive out the smaller players whose costs of production are higher.
I am just going to watch and wait rather than leap in and try to catch a bargain just yet as I think WPL has quite a bit further to fall - around $30 would not surprise before this completely plays out. That said ... when the real turnaround comes it will be swift and sustained. Picking entries and exits is always tough. I don't think long term holders have too much to worry about as this stock is a good one and the s/p will (eventually) recover.
Just my 2c worth as a former holder of WPL - and hopefully a future holder of the stock