You'll know when the bottom has been reached and passed when the unemployment figures are dropping month on month.
I'm afraid to say that is unlikely in 2009 or 2010.
What was a decade long unsustainable boom is now over. Returns to normality will not feature a return to the NICE decade (Non- Inflationary Consistently Expansionary) situation whereby Ryanair and easyJet could be invented and grow to a fleet of 357 jets (BA has 228, Thomas Cook 44, BMI 54 for comparison).
Recent years have been an aberration. No unemployment whatsoever. £30k a year unearned income from house price inflation and mortgage equity withdrawal. Unconfined credit.
This is not, was not and will not be sustained again. As a consequence the demand for airline pilots has dropped and will drop.
Don't let anyone lie to you otherwise.
WWW