Sharp up move like on previous occasion is possible or we are heading towards new low.
As Nifty P/E is near 24 ; longs should be avoided for short term trading.
For short term trading one may long nifty with strict stop loss of 8500.
Medium-Long term Investors may wait for better opportunity.
ST Traders : Long with strict SL 8500 till 8500 breaks. If 8500 breaks then sell on every rise for some months
Medium term investor : Book Profit / stay away till valuation become reasonable
Long Term Investor : Wait for better opportunity