The Peak-to-Trough Magnitude of the Recent Decline Was 4.3%

I'd expect the next one to be deeper but also reward "Buy-the-dips" setting up a nasty little experience on the next-next one for folks coming in at down 10% who watch in horror as the drop doubles to 20%.
From Yahoo Finance:
Buy the Dip? What Dip?

...What Dip?

The S&P 500 reached a peak-to-trough decline of 4.3% last Thursday. The “buy the dip” question continues to be posed, but again, is it even a dip yet? As you can see by the table below which outlines corrections since March 2009, it has been over two years since the S&P 500 has suffered a pullback of 10%. Given that backdrop and the longest streak above the 200-day moving average in history, investors have redefined the word “dip” to mean any decline that lasts more than a day.

...MUCH MORE 

Here's a graphic representation from Slope of Hope:

Never Play Chicken With Trains

(click to enlarge)