The technical players and speculators are reading the market the same way, so it's like a vicious cycle. Eventually the value investors will come in.
With commodity at almost all time low, this will only help economies grow as stuff gets cheaper. I'm not too sure when is the bottom, below is a picture I use to gauge where the markets cycle.
I know it's not fun when you see your $$ fall even tho you may have kept like 20% cash. In the recent drops, I been getting quite a lot of messages. My hedge has been working pretty well, but then again, as value investors with the right mindset, such vicious cycles will tear you apart if you don't have a long term mindset. Long term wins. Short term is not consistent.
Ultimately, we should work towards a "numb" mindset. How vicious Mr market becomes, if you are affected greatly by this, it means something gotta change. Me? Quite numb already, but still aiming to be more numb.
Remember the strategies, remember what works, keep your head straight. Have a nice cup of Starbucks.