Still on W4 or has correction started?

The market continued to trade sideways today but it did put in the low for the week (and a marginal new high as well) and closed under the TA, which in itself is bearish. However, this continues to look like a sideways correction and it is still valid as a W4 since the W3 that took the market to this level was a very strong one. I would change my mind about more upside if the market traded under 1320. So I am waiting and hoping next week will bring more clarity to the next move the market intends to make. Oil and commodities are rallying so that adds pressure to the market, but as soon as those sectors correct we'll probably see the rally in the US markets. I am still all cash in my trading positions aside from a Chinese currency ETF I bought on margin few weeks ago, which btw is an excellent way to park cash.

Have a great weekend!