Extreme caution required

The markets have essentially broken down and yet there is no Panic. Meaning everyone is looking to buy when the markets bottom.
Markets usually bottom when no one wants to buy. But now we have people wanting to buy at support levels instead of panicking.
The VIX is low compared to last fall and also the put/call ratio is rather high.
We remain oversold but like a veteran trader warns, markets break/collapse from oversold conditions not overbought.
There is some chatter on some financial sites about a 1987 like crash happening.
There was this talk on Nov of last year too.
I will say we crashed enough, but me saying does not bother the markets, they will do what they do.

Remember I am a trader and that's what I do, so when I buy its for short term. In such a market I will never buy for the long term anyways. I am not shorting or buying puts now as we can have some sharp rallies anytime.
But we should be afraid of a crash and not of missing any rally.
Most rallies have been a 1 day wonder.

Good Luck