V bounce is now becoming inverse V.
Momentum massacre continues and shows no sign of stabilization as of now.
But the selling still is narrowly focused on stocks that went up a lot in last 18 months.
This correction was overdue and is part of normal market action. In last 18 months the extensive Fed support created a abnormal market action.
A 10% or more correction would set the market up for another up leg in this market in second half of the year.
The trick is not to get wiped out or take big draw downs during these periods. As you might have read some trading bloggers are down 30% plus in last few weeks. That is not a very good situation to be in.
If there is more downside, it will be punctuated by many bounces and will be very volatile.