A good indicator will be VIX. We need to go to 30 to mark a medium term low, so a daily close above 25 will be the first indication but very likely this week. Nevertheless, the next week will be a plus week and we might even see this Thursday some shortcovering since the DOW will have with 2 lower closes from Friday an exhaustion price level short term.
Overall, much more downside will come within 1-2 years valuations will go back to single digit PE's. Just to give you a feel of the magnitude, XBD will be at 100 - best case - but before we will see the expected 3rd Q. rally - a sucker rally and the Tech sector might even make a new high I fundamentally do not understand why but that's what the price action tells me so far and many houses like Goldman push that idea.