Just how bad has it been? The following graph shows the trailing 3 days performance of the Russell 2000 since 1987 (down 15.8% over the last 3 days). As you can see, we've only fallen this far this fast three other times (twice in late 2008 and once in 1987).
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In October 2008, we fell 16% in three days. That was followed by a 14% rally over the following two days. In November 2008, we fell 14.6% in three days. That was followed by a 22% rally over the following five days (all up). In October 1987, we fell 17% in three days. That was followed by a 9% fall before rallying 7% and then falling another 20% over five days.
Disclosure: I am long TWM.
Additional disclosure: Disclosure: I manage funds that own many small cap stocks included in Russell 2000. I also manage positions holding TWM (inverse Russell 2000 ETF).