This is the kind of oxygen sucking action you want to see. Attempts at dip buying are quickly snubbed by programs and borgs which just keep pressing sell orders. Collars are in effect in market, so probably more selling will happen.
Context is important, we are witnessing a correction after many months of rallies, so there is no need to run and buy it. The objective should be to protect profit earned during the bull move.
Now this is the action which will lead to meaningful bottom in few weeks . What you should do is take your 10 to 25% profits on shorts while the selling continues, abandon shorts which have not worked and start preparing for next phase. Keep cash and buy list ready.