Major declines follow a distinct pattern:
1) The initial drop.
2) The bounce.
3) The final collapse.
This recent market meltdown has followed this pattern perfectly. As I write this, the markets have completed numbers 1 and 2. The #3 began today.
The S&P 500 has bounced right into former support. The rejection, just happened, will lead to a sell-off into the true "panic low."