Descending volume does not confirm the drop. Also both oscillators are rather encouraging.
Forecasting the market is a guessing game; however, the uptrend favors long positions now. We should use this correction to extend positions, nevertheless place defense orders in case we are wrong.
Sound Advice announced new supercycle starting (here). Nevertheless, mind there are also less optimistic views (here).
Sources:
[http://www.marketwatch.com/news/story/New-supercycle-may-starting/story.aspx?guid={FD3EE9DD-23CE-422F-9B71-0D7F91343703}]
[http://seekingalpha.com/article/136863-where-is-the-economy-headed-four-bearish-views]
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