If the market corrects into the middle of next week, heading into a very seasonally strong part of the year I will gladly increase my long exposure. The tougher decision becomes what to do if it rallies into that period.
I try not to sell short into seasonally strong periods unless every indicator is lining up or I have a very definable catalyst. That is currently not the case so I know that I will likely not be looking to add to shorts aggressively. If anything I might remove some hedges and write covered calls against some longs instead.
I am hoping for at least a consolidation in the next few days. If it does not happen I will try to be patient and wait for a better opportunity. As Warren Buffet says, "What’s nice about investing is you don’t have to swing at pitches". And as his partner Charlie Munger says, "I didn’t become a billionaire by chasing after mediocre opportunities."