I am actually a bit fearful of a "good" correction, because it will force my hand.
Here I am, mostly out of the markets again, and very handily beating them, which has not been hard either this year or last. For me, the decision to be out has been an easy one.
But if there is a good correction I will have to make a significant decision. If it will be a great correction, say 50%, then for me that would be an easy call.
But 5%? No thanks.
10%? Better, but not encouraging, with all the fudging that has been going on with share prices and earnings.
15%? Tough call. IMO at that level, many things would be fully priced, but as people here are fond of saying, you often buy in at a top (full pricing being a sort of top). At a 15% drop I would buy certain things, depending on how much various different sectors contributed to that drop.
20%? Same for me as 15%.
25%? Good for a broad-spectrum, diversified buy.
For me, a 10%-20% correction would present a situation that would require work on my part, and would be a pain. Up around 20-25, it is easier to deal with. 5% is just a fluctuation to me, not a correction. In this climate, only over maybe 8%-10% would be any sort of an actual correction, and it would be a limited, and probably narrow, one at that.