This waterfall is a demonstration of how and where a decline in confidence on the risk front should be punished.
The lust to expand equities higher is rather less here than one might suspect at first look. With the unsurprising hurdle of a contested election in US, buyers are threatened by an obstruction in democracy and Schwab transferring his influence across the Atlantic.
The only valid plan here is to look for sells and be prepared for a waterfall into November. Sharp speculators are not buying at these levels and looking to set in motion a new economic cycle (yet), first we must finish the correction.
If the TRUST in the US financial markets starts to creep into Wall street, then big money will flock to bonds or cash making the FED's job in controlling interest rate rather an impossible job. Hence the unlimited QE strategy would be viewed reckless and bond yields will most likely go into the negative territories in no time. The only short term strategy the clowns team has is to convey strong stability in the markets and ensure the TRUST is not destabilized.