I've been saying the same thing as you for some time but when people get scared they will pull all that liquidity that has been invested and making big profits out and protect it. Alot of people lost alot of money just 10 months ago I don't think they'll be as patient espectially when everyones being told the buy and hold it strategy is the way of the past. Just my thinking. Just playing devils advocate here. Don't listen to me...what do I know. I sounded like you just last night.
There will be some swings without a doubt but if you are suggesting that smart money is going to load up for another move at the current levels I would say no. The trend is too decisive to the downside for an immediate reversal imo.
Asia is in free fall in concert with the U.S. - the next pause will be for reloading Bear trades. Bulls will have to wait for the all clear down the road.