dow , healthy correction or not ??

the Dow was at a 4 year high just about a week ago , so a 4-5% correction isn't unexpected and even a couple more % wouldn't be unhealthy . but thats the question, are we in the middle of healthy correction with some over re-action included or are we heading for a much bigger drop ??? oil seems to be holding at or slightly over $101 which is good news , earnings season starts after close with Alcoa so lets see what q-1 brings for corporate earnings .... I am of the opinion that any major drop will bring about more monetary easing in the U.S. and Europe, as the Euro leaders have infrastructure in place to speed up a response to troubles...fingers crossed .... luck