Looks like we'll be re-visiting the recent lows in the weeks ahead. Where the ultimate bottom will be is anyone's guess.
I'm figuring at minimum the S+P will enter the 1800-2200 broad support range. If it gets into the lower part of that range, 1800-2000, that might be the time to start re-entering the market, and then gradually add more if the market continues to fall -
2000 - 41% drop from the Feb high (3400)
1900 - 44%
1800 - 47%
1700 - 50%
1600 - 53%
1500 - 56%
1400 - 59%
1300 - 62%
1200 - 65%
I'm figuring we manage to get through the virus crisis without a complete monetary meltdown (SDR scenario), but that event will come later, perhaps in a few years.
It's also possible that realizing the current monetary system is nearing the end of its viability, the financial powers will convene a global 'Bretton Woods II' and jointly decide to move to the SDR in an orderly manner. That would be the best outcome.