Correction in the Market is not over yet

Short term correction which started for S&P500 index on 4/2/2012 is not over yet. We need to wait for the black line (shown in the chart below) to turn up before we can say the current correction is over. At the same time we should also look for a confirmation that the correction is over from the Market Breadth Ratios.

The most recent correction in small cap stocks (using Russell 200 ETF (IWM) as a proxy) started on 3/27/2012, is also not over yet.

However the long term trend in both S&P500 and Russell2000 is up. We are experiencing a short to medium term correction in a long term up market.