Keep it simple and try to avoid group think. Everyone is losing their minds and general market sentiment seems to be at all time lows. Of course every possibility is feasible however in trading we play with the probabilities. And looking at the overall market structure, one can clearly observe an impulse consisting of 5 waves followed by a correction consisting of 3 waves. I am not going to go into Elliot Wave theory here as that should be done in one's own time however this is almost textbook wave structure, including the volume analysis. Volume declined all the way through the last corrective wave (C) and has only increased in this sideways movement which I suspect is re-accumulation. Bullish Divergences appearing on the Daily Timeframe on both the RSI and Stochastic suggest at least a temporary bounce/relief rally is due, I am thinking this could eventuate into something more. However these are just indicators and can be invalidated at any time.