I would call that little dip the correction. It was small but quite a sharp drop after it clearly went too high.
as far as I know a correction shouldn't be sharp. it is usually a slower drop. the sharp dips usually show some kind of manipulation and followed by panic sell. mostly starting with the expectation of a drop (in this case the SegWit drama by F2Pool) and then weak hands jump.
(shouldn't be relevant but it is) hype about Japan's new laws,
why shouldn't it be relevant?
it actually is a big news in my opinion and we will continue feeling it s effects for a long time.
so generally the outlook is quite positive
yeap. price is $1205 right now according to bitfinex.