Both, in a way. I believe the recovery has started and there's a very good chance the bottom is already in. But IMO the correction is not over.

My models for this correction are summer 2012 and spring 2013. In both cases, we saw a very bloody and deep crash, then a recovery to standard bull trap levels (62% fib). Then a higher low where bears failed to continue lower.

Y'all better hope this isn't 2014, though.