I think it is more likely that we are trying to complete the (v)th of circle iii with this extension and the bounce to 2505 SPX was ALL of (iv).
While I think we should get a decent consolidation as circle iv and then ideall an ED down for circle v to slow things down a bit this could stretch more now and possibly try to complete ALL of C of (A) with out a clean 5 down in a "C" wave.
That said, NQ and some Dow names have more room to fall and reach relative targets that SPX has already achieved... this could continue to keep pressure on the broad market stretching it lower even if it is slowing down.
I would say we are very near peak #Panic within the smaller #Sentiment cycle of this (A) wave and should get a bounce as iv to set up the real #Capitulation.
Market is certainly in a precarious position, but thus far VXX and VIX seem to be under control, things are at extremes and a snap back as part of a ivth can be quick.