I think the coming correction will be contained unless we see heavy stock issuance. The mother of all offerings would be the government selling their Citigroup stake. If I were a bull I would be praying for the stock to go down so that the government does not want to sell. The further above $4 the stock goes, the more likely the government will be to sell.
While I could see the market rejoicing when the offering is announced I don't believe there will be much rejoicing once the shares are issued and the market is choking on it.