Are we approaching an intermediate bottom

I am new in this investing thing...the only bad thing is I started out and immediately put a lot in the market. I did mostly ETFs and am down about 11%. I just started reading into shorts and just asked myself "what the hell were you doing?" So, I would like to short if the market will continue down, but many Technical Analysis people believe that based on Elliot Wave theory, we should be approaching an intermediate bottom before another collapse in the fall months.

Anyone care to share their opinions on the market and where they think the fall will stop? Should I just cut some losses and try to short a little to slow the bleeding until we start to see a rise?