What is the best course of action to take advantage of the current market situation?

It's a good opportunity to buy stocks at discounted prices. So, if you are into individual stock-picking, review your watchlist and keep an eye on the stocks you have been wanted to buy. Once you feel that the prices for those stocks are resonable, start accumulating them and ride out the downturn.

I just buy the index like buying food.

Everyday. It doesn't matter whether it's up or down, so long as my cash flow is healthy, investing every day is better than holding cash.

If we knew what would happen in the next 3-6 months with certainty, you wouldn't need to work. You can borrow and leverage a short to make millions. You can leverage and go long to make millions vice-versa.

If you know when it would bottom, you buy European calls and puts for ridiculously cheap prices to take advantage of your crystal ball and make a hundred times your money.

I don't have any of the above. I just follow my investment objectives.

When dumb money acknowledges it is dumb, it ceases to be dumb money.

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Nobody has a crystal ball to predict what will happen in the next 3-6 months. However, you should have a list of stocks that you will monitor and when the price are cheap to you, you should buy and average down your holdings.

I think looking at company fundamentals is still important. Good businesses will continue to remain resilient or even thrive even in difficult times. Nobody can predict how long the virus situation will last, but it will eventually end. Stay strong and continue to invest. Personally, this is an opportunity for me to increase my position on certain stocks because it was previously too high.