These pull-back/dips historically have been anywhere from about ~3-5% range (I think, I didn't actually calculate it out). Given that these 3 indicators (RSI/CCI Overbought => Correction, Crossover) are ALL flashing again in SPY at the end of January 2017, especially after the sell-off of the last 2 days on January 29, 2017 and January 30, 2017, I'm hypothesizing that this is the beginning of AT LEAST a ~3-5% range minor correction/pullback. If there is a confluence of other problems (e.g. negative news, negative tech reports (from AAPL , FB , GOOG , AMZN , etc), rising interest rates, flat yield curve, I believe this could be a much bigger selloff than 5%, and could reach even the 10% LARGER Correction. My belief is that the market is at risk of this for potentially the rest of February 2018 and maybe even into March 2018. The increasing in the VIX after being so flat for so long is also worrisome for a pull-back, in my mind.
I'm therefore taking steps to hedge my market positions, pull-back into mostly cash, and potentially buy some puts/make some short plays against SPY , DIA , QQQ and other indexes that I believe will follow the general market downwards in February and March 2018. Good luck to all, whatever your view is!
(DISCLAIMER: I have recently sold most or all my LT call positions in QQQ , SPY , DIA ...after making a large profit from these between 9/2017-1/2018. I may enter a short position against QQQ , SPY , DIA in the near future as well, although I do not have any current positions in them as of yet)