Be prepared. More importantly, trade it and capitalize on it. Odds suggest at this point that it will be to the downside (70% downside odds and 30% upside odds). First leg of any bear correction (Feb correction in this case) is usually violent as people get caught with their pants down. The second leg is usually less violent, as folks are more prepared. But it's that preparedness that makes it more persistent.
Up or down, i am willing to play either side. But i am pretty positive that it is going to be a large (5 to 10%) and persistent move. Seen this movie many times before.
Right now my bets are on the downside.