Absolutely...positively...no way to know the answer to that question. If anyone tells you that they know what is going to happen in the short-term in the markets, they are flat out lying to you.
My guess is that we may be in a correction, which I think would actually be a good thing. As Larry mentioned, it has been several years since we've had a healthy correction (typically viewed as a decline of 10% or more from a previous high), so to a certain extent, we are "due" for one. It is very possible that we will see an additional 5-10% decline from here in the next few weeks or months. That being said, it is also possible that we have seen the extent of this two-week decline and things will head back up for a bit.
The point is that there is no way to know for sure what is going to happen in the short term. That is one reason that I believe staying fully invested, targeting an asset allocation that is appropriate for your situation and long-term goals, putting together a well diversified portfolio, and focusing on the long-term is usually the best bet for most people. It will have ups and downs along the way, but if you do not succumb to emotions (whether on the way up or way down) and stick to your plan (provided it is a well thought out plan), more often than not, you will benefit in the long run. However, emotions are a very powerful driver, and unfortunately, emotions usually lead individual investors to do the wrong thing at the wrong time.