May Chart, page-2771

Yes, exactly that!
These long drawn out downtrends take months to change direction. The downward momentum has slowed and may change to up soon. It will likely just meander along and put in a higher high and higher low above a long term moving average, before developing into a strong trend over the next 12 to 18 months staying above that ema (150 or 200 ema etc.).
There might be a bit of excitement if oil is found, but it is largely expected now and the valuations are just yet to reflect that. They won't change overnight.