It is possible for speculators to make money both in a bull or a bear market my making appropriate long or short call. However, what is important is whether this fall is making the Indian equities cheaper. Most people now acknowledge that Indian and most EMs were pretty expensive with P/E values a few months ago, and hence this correction assumes significance.
China's crackdown on illegal investments was a wise choice, even though it threw the markets in a selling spree. It gave the investors a chance to assess the fundamentals of the market and to bring it down to moderate levels, from which fresh positions may be taken. So, I think all in all this correction may be a significant one in a longer context.
