Correction over?

The US market was down just 7% at the lowest point in this recent correction.   Momentum (right hand chart) is now fairly oversold, not as oversold as it was during the European debt crisis of June/July last year, so it (and the market could go lower).  But I suspect not:  the economic recovery is just too strong.  Earnings are up over 40% year on year, and much of that is coming from top-line growth, i.e., sales, not margin expansion.  I'd be a buyer.  For now.  For the next six months, but perhaps not after, the risk of being out of the market is still higher than of being in it.