At this writing, at 9:10 AM, the premarket is down sharply overall, but going up sharply for the last 15 minutes. Volume is very light in the pre-market and direction there does NOT correlate in any meaningful way with what is going to happen in the regular market. If it did, that would be an extremely easy way to make money, and we know that there are none of those!
 
A glance at a chart of the market for the last four weeks shows two other sharp down moves that were considerably worse that what we have so far here, from the high on Tuesday to this morning's likely open. There are two other large 1-day pullbacks that weren't quite as bad as the one we have here, but were nonetheless quite severe. Four of these in the last four weeks! So what happened next in each case?
 
The market went straight up, and recovered completely in three of the four drops, and nearly so in the fourth.
 
In each case, of course, there was no telling when the move back up would start, but if it didn't start the morning after the big drop, it started within two days after the first down day of the drop.
 
And the premarket has now been going up for a half hour.