Why does it matter at all whether the event is coined a "Black Swan"? Should not matter at all.
We will correct a bit but I am steadfastly convinced that we will see more downside, this was the proverbial top the market has put in and the fast selloff reflects how many have realized that this is not just a short term dip. The market has enjoyed paper profits for now 6 years (since 2009) and the end has come. Every party has to come to an end and we will now all pay the price for easy money that flooded even the dumbest ventures and businesses. This is not a China story, it is a GLOBAL STORY, the same has occurred everywhere. We will from now on see how harmful this money injection really is. I will never forget Jim Rogers when he voiced his total disagreement with the decision in the US to flood the market with money rather than weeding out the weakest and starting over with strong businesses. He did not just talk, no, he took his hat, his daughters out of school, and moved to Singapore.
What we need is a much further sell off, it can be slow and controlled, I do not mind. But I welcome this correction and while I do not wish a lot of people to get burned, I do wish that the balloon will explode and all that hot air vanishes.