The pundits are again proclaiming that this is a buying opportunity. But if a trend change is unfolding, back down into the underlying bear market which started in late 2007, then any bounce would actually present a selling opportunity.
Given the impulsive selloff on increased volume and the spike in the VIX showing increased volatility, and if we see sharp brief bounces that appear corrective in nature, a change of trend would be the more likely outcome. Coming days & weeks should clarify if this is merely a correction or a major change in trend.
