Yet another start of a downswing in the markets is imminent.
Short term traders should not catch a falling knife.
But long term investors should accumulate as per the levels given below in November 20th post.

Supports for BSE SENSEX are at 8300, 8000 and 7700. But it is more likely that this index would touch 6000 levels in short to medium term. A close below 8000 would confirm this but it is not necessary that it would touch 6000 levels soon. If there is a rally from above 8000/7700 levels then expect it to move lower only after earnings season in January.

DOW and S&P500 are headed towards their previous lows. Inability of DOW to hold 7200 levels would be a signal of impending weakness that would drag it towards medium to long term target of 6000 in weeks to come. But these lowest figures are not necessarily to be achieved during the current decline. There could be a relief rally before that. But the climate is turning very negative once again. Long term Lowest levels for FTSE100 is 3000, Nikkei 5000, Hangseng 9000 and Shanghai 1500 or lower.