As for your update #2, now that's a lot of "if", "could" and "may" occurencies. "If" I read the article correctly, which I know I do, this should not even happen before Q4 2018, at best.
This is a very long and slow process, institutional money is not going to pour in from one day to another. Of course this is gonna happen, but not before another bloodbath imho.
Yes it will take a while. Actually I am tracking like 5 counts that would expand this correction into Q1 2019... there are so many things possible now, that the most shortterm bullish counts are invalidated.