People sitting on the sidelines waiting for this big correction are wasting their time and money. Too much money being fed into the market daily by retirement funds (IRA's 401K's etc.) These people aren't playing with their money, they're just pumping it in.
These little 1 @ 2% swings are going to continue to happen, but anything short of some major global event this market isn't going to take a major step backwards anytime soon.
You might as well admit you've been a fool (like the OP), and get back in now.
You could very well be right. I'm not for people sitting on the sidelines anyway. You should still do 15% or more into your retirement accounts and then if for some reason there is a huge drop and you have more and want to put in more, then do it then...BUT...don't ever sit completely on the sidelines or not be putting in enough as you wait for the right time to put in what you should have been doing the whole time.