When we think about it, a correction will ALWAYS come, in ANY market or time frame, it is a mathematical certainty, because the word "correction" is never mathematically defined in the first place... Notice how very few ET traders say that this or that market will correct 12.79% in the next 5 weeks or sooner (or something similar)? No, they simply say that the market will "correct", or is "due for a correction". Hmmm....
The markets rose 60% since March when the S&P was at 2200 all the way to 3570. When I say correction I'm not referring to just a 10% drop and we're off and running again. I'm referring to 40-50%.
I see it as a healthy correction. The 10% bounce and rally in the last hour was pretty polished. How many retailers jump back in because "the bottom is in". Markets create setups to make you think you're getting good value when you jump in at signals/ setups. They are manufactured to lull the unsuspecting in.
"The stock market is never obvious. It is designed to fool most of the people, most of the time." Jesse Livermore.
Tragic life and family history. Both his son and grandson committed suicide as well. That's strange. Same thing with Kerry Von Eric (Texas Tornado), his brother and father, all wrestlers.
Well then state it, otherwise most of us would think you are referring to a 10% typical correction or at most 20%