Any bounce here will be a temporary respite. It is likely to be purely a short term phenomenon. Unless you are very nimble and can quickly grab the profit from such move in a day or two, it may not be worth playing it.
Market will take time to stabilize and form a meaningful bottom. At current stage I see no quick resolution to the situation. Bounce or sideways move here will have high probability of failure. The move so far has seen no buyer exhaustion, in fact if you look at the 4% plus numbers , there are still buyers active in the market.
Better buying opportunities will appear after some time. Currently many more stocks are still in early stages of their breakdown and the bounce will in fact create better and low risk opportunities for shorts.
Many of those who are clamoring for bounce are 1 or 2% kind of players, who operate on very short time frames and use trading vehicles like futures or options. So copying their style in a very volatile and tricky market can lead to big losses. Many of the dip buying based systems have low per trade profitability and occassional big losses or blow ups. Many of those kind of traders must have taken big beating in current environment and we will know about them in few months as more tales of blowups start percolating down.