So as anticipated correction is finally here. All moves at some stage correct. The trick is to capitalise as much as possible from the move higher and then anticipate correction zone and be vigilant and act quickly. As I said in the morning corrections are sudden and vicious especially after a long up move.
Nothing matters to market as long as they are rallying. When traders get comfortable making 4-5 dollar profit on day move and dips get repeatedly bought, a false sense of confidence can develop. The kind of vicious move developing today must have caught some rookies by surprise.
The interface where markets turn from bullish mode to correction mode are the most dangerous. There is no fun in building up your account 50% plus in a bull move and then giving up 20 to 30% of it in few days. That is one of the reason I pay close attention to the 65 day bull /bear indicator.