A good thing to look at right now is the "Asian Contagion" in 1997. While we have different spark there is a good chance that the pattern could be similar. https://en.wikipedia.org/wiki/1997_Asian_financial_crisis. I'm hoping that we don't have a LTCM https://en.wikipedia.org/wiki/Long-Term_Capital_Management hidden with this drop but there is a good chance we have several.