Does that mean more of these kinds of events are likely in the future? Absolutely.
"Nothing broke technically, but you still had rapid rollercoaster moves, which are unsettling," Saluzzi, of Themis Trading, said. "That's not going to change. Anytime there's stress in the market, you're going to see moves like that."
Getting used to a world where the markets can gain and lose hundreds of points in seconds won't be easy for investors.
But there's reason for hope: Despite all the rollicking and rumbling, the market has come back nicely even if it faces an uncertain future. In the current climate, most strategists are advising a tactical approach that doesn't including freaking out at gyrations.
"One important driver of the market sell-off was that investor sentiment had become too complacent these past two years and bullish sentiment prevailed as the major equity market indexes trudged higher to record price gains, along with the absence of volatility," said John Lynch, chief investment strategist at LPL Financial.
Indeed, sentiment indicators showed strong levels of bullishness, and exchange-traded funds saw their biggest single month of investor cash in January. Now that some of that froth has been burned off, investors can assess the damage.
For its part, Schwab was advising customers earlier this week to wait for two straight up days, strength into the close and a VIX below 20. Each condition has been met, and the market has had a strong week after its bout with the correction flu.
Overall, though, it's probably still a time to be cautious.
"The net is that we have moved into a more mature phase of the cycle — both in terms of the economy and markets," Sonders said. " So although the technical salt in the market's wounds may be getting washed out, enthusiasm for the 'all clear' sign should be curbed."
Correction: An earlier version misstated the date for when concerns about low inflation changed. It was Feb. 2.