Honestly, I wouldn't consider a 20% correction big, if you're up 33% in the last 12 months.
The current boom since 2011 could easily extend for another decade, just like the boom from 1980-1990. If you felt there was going to be a correction then just because "its due" you would have missed the huge boom from 1990-1999.
The only reason why I think we're due for a correction is that PE ratios and the like seem out of wack. But you are right, this could keep going for a long time and maybe the economy would grow enough to start to justify the stock prices.
I'm fully in the market with zero intention of trying to time anything.
It will go down and back up. That much is certain. I'm ready to ride it out!
But if you arent predicting when, your prediction isnt very credible.
It is the exact opposite: if you are actually predicting "when", then your prediction isn't very credible. Perhaps you meant useful instead?
Anyways, all we can do is watch external forces. When will the Chinese asset bubble pop? When will the fed raise interest rates? If those things happen, will that take other markets down with it?
The good news is that if you've been in the market for a while, you're way up anyways. The 10-20% correction will come giving you an opportunity to buy low again.
And then in a decade we'll repeat everything again!