About the ongoing phase.

Its the phase of both time correction, and price correction. Prices corrects and then time correction happens for a while, again price corrects and the cycle continues. For Time correction: we keep patience. For Price correction: we either exit or average out for possible up move in near future. For both in a cycle: we panic, frustrate, can't have patience nor have money left to average out (or our will to invest fades away) and eventually lose interest and trust in market.