Correction or something more?

For a trader/investor the most difficult task is figuring out whether or not the market is in a correction or about to fall off a cliff.

Calling for a correction last Thursday was an easy call as markets were too extended, leading indicators not confirming the up move, and the bullish sentiment all pointed in the direction of a correction.

For now, I have to believe the recent down move is just the beginning of a normal but steep correction in a strong uptrend. That doesn't go to say that I'm buying stocks yet however. I'll keep my eyes open on this market and will post whether or not this is a correction or something more.