I sincerely hope not!!! If this is the case, that makes the...

I sincerely hope not!!! If this is the case, that makes the overall drop to be greater than 20% from the previous high, which means we are in the bear market. When this happens, it takes on average about 22 months to recover. However, if it's just a market correction i.e. <20% drop from the previous high, then it takes only about 4 months to recover per this article.

From macro perspective, global economy are still going well, so it's hard to believe that this correction will turn into a crash. If it does, everyone will be negatively affected irrespective of strong fundamental.