All of those things are true, after such a long time of nearly zero volatility, something was bound to happen.
I'm not a stock bull by any means, but I don't think this is the crash either. Judging by where we are in the business cycle, it's about time to book profits and up your allocation to cash and gold.
Personally, I am long Gold and Commodities. I think those are the places to be for the next 2-3 years.
What about you?
In general, all experts will tell you to never try and time the market but I am somewhat of an active retail investor who subscribes to a dollar cost average buy the dip, sell the high mentality. In fall 2017 I scaled back stocks, In late fall 2017 I scaled back cryptos, I have been very heavy Silver/Gold since winter 2015. Recently I bought the dip in cryptos and stocks very gently. My cash position is higher than normal right now because I do sense there may be another opportunity to seize. I haven't touched bonds in 5 years, except for tax-exempt munis, but now may be time to consider buying the blood on the streets. Although I am never more than 5% in bonds since I still have 25 years to retire.