It appears that the Thai government has offered a reconciliation plan that includes an election on November 14th.  The Guardian says that the Red Shirts have accepted the proposal, while the BBC says that the Red Shirts are willing to talk.

There seems to be a group called the Multi-Colored Shirts who are opposing the Red Shirts, though other sources refer to them as Yellow Shirts, the group that used nonviolence to overthrow the previous government, and wants to limit who can actually be in parliament.

The Red Shirts had fortified their positions in Bangkok and halted army forces from entering Bangkok (New York Times though "thailand protest train" gets 405 hits in news.google.com):

… antigovernment demonstrators in the northeast stopped a train carrying military vehicles, underlining the impunity of the protest movement and the government’s weakening control of the populous hinterland.

While the Guardian wrote that army soldiers may not be reliable:

However, there has been speculation that the army is reluctant to move against the protesters again after a failed attempt to clear them from the streets a week ago. The army chief, Anupong Paochinda, has said an election is the only solution to Thailand's political crisis.

Many soldiers, particularly in the lower ranks, are openly supportive of the red shirts' cause. Protesters have nicknamed them "watermelon soldiers", for their green uniforms on the outside and red sympathies within.

Looks like the Red Shirts are undermining the support of the government.