We will. That close is not a solid as you might think. If you look at the hourly chart you will see that the resistance at $168 (previous support) held firm driving prices back at the close. I would think that prices will head lower the rest of the week. Even though the market appears to be oversold, in a bear market (which this is) the indices can remain oversold for long periods of time. Eventually, long before $1.20 the market will find support and there will be an attempt at another rally which will also fail and ultimately we will end up around $1.20 which may or may not prove to be a market bottom.
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