Markets falling apart

The markets are down and S&P500 went as low at 789. This has made everyone call for a re-test of the low in Nov of around 740.
But a few veteran traders are warning of even lower levels, around 660 or so on the S&P500.
Today's action will show if we are headed there, normally markets do not fall that far very fast but times are different and in fact going there faster might be a good thing for everyone as that will create such a panic that the indicators will become favorable for a bounce/bull run.
If we go there slowly people are going to get complacent, keeping the fear indicators low. Remember when tarders/investors panic they sell everything which creates a better buying opportunity. But when will that temporary bottom appear? No clue, wait and watch.
As of now I own nothing , on any bounce I might get some puts. But at this stage nothing is a given, risk/reward is not conclusive , so keep trades to a minimum and very small.