This is a 2H chart to show how each fall of the DJI on different dates and how long it took to recover. You can also do it for weekly or day chart as well.
And the past drop in price is between 4 to 6%. The current one is about 8% , slightly more severe.
So, yes, the good news is it will recover given time. The few things you can do :
1. Do nothing - you are a long term investor and believe the market will recover
You can hedge your position with Gold, buying VIX or put options, tc
2. You can cut your loss assuming you bought at the high price , anything from 28,000 onwards.
Cutting loss is part and parcel of trading and it is nothing to be taken personally and definitely not a sign of weakness nor failure. Know that when you cut loss, you are recovering part of your capital back so that you can better deploy them elsewhere. Also, to some , it gives you a psychological comfort that money is in your hand !
Depending on your position size, you can reduce partial , need not be full. This is a discretion that you have to weigh properly.
3. If you are not in yet, congratulations. The lower price means you get to buy at a discount.
Let the dust settle a bit more and wait for the trend to reverse (use trend lines) and watch price action.
I shall leave you with one of my favourite verse from the Bible :
2 Corinthians 4:17-18 New International Version (NIV)
17 For our light and momentary troubles are achieving for us an eternal glory that far outweighs them all. 18 So we fix our eyes not on what is seen, but on what is unseen, since what is seen is temporary, but what is unseen is eternal.