What next

There is panic in the air and people are scared. At this stage one should look at things logically and with cool head.
If you were following Market Monitor kind of market timing model, you were anyway out of market during the drop. So you have now luxury to play it cool. Think through your options and the opportunity ahead.
What does MM going green on primary indicator tell you:

When the number of stocks up 25% or more goes below 200, it indicates an extreme oversold level and is a bullish signal. Rallies that start from such extreme levels tend to be very powerful.

So we are currently at a stage which you will seldom see every year. It is extremely rare phenomenon. It tells you there is extremely high probability of a rally and any such rally will be very powerful.

My interpretation of that signal is :

We have high probability of a 20% or more rally starting in October lasting up to January in USA market and a rally of 30 to 40% in the emerging markets.

Does it mean it will start today, no. But we are in a zone from where a rally will start in next couple of days or weeks.