The big drop in August is now few weeks old and during that drop breadth reached extremely negative territory. You can see that in Number of stocks up 25% in a quarter, those readings reached a low of 179 on 24th August. Readings below 200 are rare and indicate extreme bearishness.
Sine then there has not been any sustained big selling . Many stocks have bounced back on weak action. For a new trend to establish a big and sustained buying pressure is needed. Absent that we might get volatile range bound action.