I think we are in the midst of a decent correction. One of the reasons why I think so is that we have an approximately month long short-term VIX divergence. This has tended to signal a decent correction in the past.
However, this same chart is yet another reason why I don't think this is a major top / end of the current cyclical bull. The last recovery high happened in conjunction with a new VIX recovery low. We are still not seeing the several month / year VIX divergence that occurred with the 2000 and 2007 peaks. Does this have to happen? No. But I think the odds that we do have a major top without a major VIX divergence is low. And so this is one reason (among many others) why my expectations are for a continuation of the cyclical bull.