The window for a short term decline in the market remains open and that is the scenario I would prefer to see. In recent years overbought readings in uptrends have often been worked off by going sideways. We have gone sideways for two days since Tuesday's open so its possible that that we are on our way to this scenario playing out again.
The reason I prefer a two steps forward one step back advance is because there is less of a chance of a violent reaction in the opposite direction and it works better with my trading style of selling strength and buying weakness. Just buying and holding on for dear life is not how I trade.
When the market corrects it shakes out the hot money, trend followers and non believers. This makes for a healthier advance where there are fewer participants ready to sell at the drop of a dime. I believe that bulls would be better off in the intermediate term with a decline over the coming week.