I personally am waiting to see another 10-20% deeper correction before buying in here. I am young and feel I can wait out a little bit longer if we go bull. Perma-bulls think market is no longer open to market cycles. I plan to buy the bear cycle and hold forever :]
What will you do if the market goes up 10% before that drop? Time in the market is going to be a better bet.
I will wait. We are over-due for a bear cycle and as I said, the market still functions as it always has - with cycles. I buy when things are reasonably priced and/or cheap, this market is very expensive still.
At what point did the market become expensive? And why would young mean taking on less risk?
Did you put all of your money in when the market was 20% lower than it is now and was at this level of cheap you have chosen?
I just believe we are over-due for a correction and will stand by it, to each their own!
You are not only young, but also naive and inexperienced.
Your belief has nothing to do with market movements. It is no more actionable than believing in unicorns or god.
If you truly are obsessed with waiting for a correction, then at least drip feed in to your asset allocation. As your risk tolerance is low (as shown by waiting for a correction), something like 60% equities : 40% bonds should suit you.
You should never be out of the market with money which is earmarked for long term investing.
There are people on these boards with 6 figures, 7 figures and more in the markets. Usually the young have only small amounts to invest so a craoish will only be a small amount off your net worth.
My advice, ignore the noise, don't try and time the market, chose your asset allocation (lower equities as you are risk averse) and buy, buy, buy. Buy then the market is up, buy when it goes down, buy when it goes sideways.