I think we can say that the market is "officially" oversold, so expect a bounce, but also expect lower prices. The damage is so severe that it could take weeks to months to build a bottom, if a bottom is in fact built.
The Qs took out the June low today, but still needs another up down swing to complete wave (C) down. I will continue to view it as wave (C) down until there is a clear 3 wave rally retracing 50% to 62% of the decline from the July high followed by a break of the B wave low in the 3 wave rally. Until then I am regarding this as a correction in a cyclical bull market.
I know all of the P3 crowd are believing this is the big one, and maybe it is, but it is still too early to say, in my opinion. All that we can really say is that some sort of low will be put in soon followed by a rally. How the market behaves on that rally will really tell us all we need to know.