Engulfing red candle in past year has led to two or 3 more down days. In past, led to 5 to 10% corrections, but of course, with MAGA, no need to worry about corrections anymore, just like the majority of investors felt there would never be another 10% or more correction ever again in 2000. The 82% correction in the naz was a bit more than that.
Bottom line: Still not enough fear to warrant buying this dip today, if you are super bullish, wait for a couple more down days to buy.