Take a look at the chart for the last correction in 2011. It took from May to the February 2012 for the previous high to be taken out, so I'd give the stock market some time. We have positive results from Cyber Monday sales out today, so retail isn't nearly as weak as was forecast, which suggests to me that M might be a buy (this was one of the best stocks on the street until about July). And don't forget the reason why everything is down today: Things are going well HERE.
But there's a great deal of carnage around the world (Brazil just added to that list this week), and that's why I'm strongly opposed to the expected rate hiking that traders have factored in.
Could be a good party....until the contagion burns us. But I see a lot markets sold down to prior support--potentially double bottoms, but it could be lights out to the downside if the FED does what they're thinking. So-called "classical" technical analysis would predict $28 oil if the support fails, which would mean that Goldman would be right again.