Above, lots of head and shoulders are popping up, this is courtesy Finviz, which is a permanent link on our blog
If you went short in late August early Septermber, the recent declines did alot to alievate the pain of the month, however the index changes and losses since then are still significant up to this point. I don't think that a 2% drop is "panic". Although alot of charts I follow did break upward wedges. 
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Insightful and Useful Comment!