When the market action is this ugly, many just stay out of the way and let it play out.
There are fund managers who like to average into this sort of weakness, but these are folks with lots of capital who can make small incremental moves. Most individual investors are better off not trying to catch falling knives or safes. It's far too easy to average in too much, too early. What kills more traders than anything else is averaging down into a position that just keeps falling.
There's probably no hurry to declare a bottom at this point.