Pls allow me to chime in a little bit. Right now is 第一浪.
If this market correction will continue going down, then it's possible for 第二浪. But so far it hasn't happened yet.
My opinion is if you look at the super super waves from the past one hundred years (Great Depression was another super corrective wave), from the peak of 2000 to the peak of 2007 is the corrective wave: A-B-C. A is 00-02; B is 02-Oct 07; C is Oct 07-March 09. So we're in the beginnig of another huge bull markets that will last 15 to 20 years. But of course, we'll still see the waves of 1,2,3,4,5 playing out. Try to look at things in a longer horizon. 站得高才看得远.