Anyone who says they can time the market is lying. Doesn't mean that someone doesn't guess it correctly. Someone will, but someone will also win the lottery. It's good to be lucky, but it's not a plan or strategy.
The smart thing to do is probably to sit tight when market volatility is still pretty high, but then once things settle a bit, then I'd slowly enter the market by dollar cost averaging. That is, if you've got $100 sitting in cash, put $10 a week back into the market each week over the next 10 weeks. that way you're not really trying to time anything.
But money that goes into the market is the money you have left laying around AFTER you've got a good 3 month emergency fund, in the event of a sudden job loss, illness, etc. that way you've got cash reserves and have the ability to always be making long term decisions rather than rash, short term decisions.