Historically August has always brought us a quick downfall spiral, sometimes in the start sometimes mid and sometimes start. But technically speaking, august also marks the bottom, unless rektember does not follow. So we are pretty close to the bottom if this spiral is not followed by bad news. Then we could capitulate more.
So if we capitualte more due to bad news then august will be the bottom.
But if things recover without significant downfall, then maybe rektember will show its colors, but it not my biggest bet.