Short term correction or the start of a new trend?

This week we saw a quick and harsh selloff in the crypto markets, paired with a consistent move down across the stock markets. We also see a spike in the VIX which shows an increase in volatility, however all of those signs are only short term moves as of right now. The move itself was very predictable and a great short trade, the main question now is if this was a short correction and we go back towards the upside and break our highs soon or if this was the beginning of a major move to the downside. Right now we cannot say this, it is crucial to monitor the markets in the next week and look for evidence that supports either case.