I'm going to point to an interesting parallel that I've been watching.
I've noted that the first and second leg of this bull roughly followed the same pattern as the 03-07 market. The correction following the second leg copied the 04 correction if not in duration in magnitude.
I've speculated that this bull would bypass the middle phase of a "normal" bull and move straight into the final phase.
In 06 the final phase began with a 7 month runaway move. We certainly saw a runaway move out of the February 5th bottom. I must admit I thought it would last a bit longer than 2 1/2 months but I guess we shouldn't be surprised as everything has been unfolding much faster during this bull.
In 07 the runaway move ended with the mini-crash in February. Yesterday certainly qualifies as a mini-crash. So we are still following the 03-07 template. If the pattern holds then we should expect a recovery soon and a final surge higher into an ending blow off top.
From there we should roll over into the next leg down in the secular bear market.
Not that I want to buy into a secular bear market, but sometime in the next couple of weeks we should get a intermediate buying opportunity...unless this time is different and we just continue higher from here.