possibility of market correction?

Couple of weeks ago I have read SMH business section saying that

"Wave patterns show a bear market is ready to roar"
A share market correction of more than 10% could be looming in the post-crisis recovery, according to technical comparison of the current market with the bear market recovery from the 1989 crash.

and today's Daily Telegraph's business section,
AMP's Shane Oliver think there could possibly be market corection.

-----------------------------------------------------------
Just recently I have entered market,but I felt stock indices too steep, so I paid cautious approaching in my trading.

Ihope not that today's sharp fall in DOW could catalyt to change uptrend indices. IMO any credit trading is more riskier and holding cash as much as can could have a 2nd chance of some bargain hunting for real booming stock market.

Same SMH said "after correcting in the late 1992, the ASX rallied 71% to reach points in Feb 1994."

But any bule chip stocks coud not be much affected by minor correction IMO.

Regards,