Either another drop, or maybe a rebound? My money's on a drop, the SSE is only now crossing the 150 day moving average. But it won't last too much longer. I'd start freeing up some money to buy shares, but be very cautious for the immediate future.

Looks like a big move is going to happen in US markets judging by afterhours being very in the red

It won't be contained in China, that of we can be sure of in todays global economy. If things will continue in the same direction we can expect at least a mild recession in China. That will have a large knock-off effect on the world economy. Slower growth in China will result in a slower growth everywhere else.