Why I believe the correction is over

What in interesting two days in the market. Yesterday a huge selloff and then today the huge fed-induced rally. I thought we still had a fair amount of room to go to the downside up until a couple of hours ago, but now I believe it is time to be long hunting again. My reason: all four of the indexes put in pink extended range candles today, many of them engulfing too.

$COMPX - Daily - 8 October 2014
$COMPX – Daily – 8 October 2014
$DJI - Daily - 8 October 2014
$DJI – Daily – 8 October 2014
$INX - Daily - 8 October 2014
$INX – Daily – 8 October 2014
$RUT - Daily - 8 October 2014
$RUT – Daily – 8 October 2014

I’ve noticed that all too often trends start and end with a big blow-off pink extended range candle. The lows of today are important – above and I am long hunting, below and it is all bets off again.