It can always get more over-bought/sold

For now, the pattern is bearish, not bullish. While it is tempting to try to preempt turn arounds due to things like "everyone knows about ______," reality doesn't work that way. If there is a plunge, then the Bollinger Bands can be violated, and for a prolonged period, interrupted by a brief short covering rally, and resume crashing. In a major bull run event, the same is easily true in reverse. Use stop losses and move them to lock in profits.

It will go as far as it goes, and for now, it is going down. Trade accordingly.

I, for one, WANT a crash into October, followed by a rip your face off rally into the end of the year. This year has been very seasonality driven all year long. Pre-election year timing and directional turns have been almost perfectectly the average, though extent has been a little exaggerated. In 8 out of 8 cases, a negative August and* September have been followed by bull runs into the end of the year. I am hoping for a low in the first week of October and then a sprint to the end of the year. "Everyone knows" the stats on this. "Everyone knows" the pre-election year average behavior chart. Hasn't stopped "what always happens" from happening all year long. Trade smart, use stops loss orders.