I think we might be seeing the dip before the big dive like in 2014 and 2015. I remember the August 2014 and July 2015 dips well, and those put a scare in the markets, but the October 2014 and August 2015 dives were fearsome.
The August 2014 dip lasted 6 trading days starting from the first big down day.
The July 2015 dip lasted 6 trading days starting from the first big down day.
Here's a closer look at the 2014 chart.
Here's the 2015 chart closer up.
The dive in 2014 and 2015 started around a little over a month after the dip ended. The dive for 2016 might be starting around the end of October going into the election.