Stockmarkets crash (i.e.Apr.2000,Oct.1987) when every man and his dog are superbly confident that good times will be rolling forever,that "this time is different".
There is too much anxiety and caution these days for this to occur.Corrections are not crashes,we have them all the time,as one now,at least in resources sector.
As somebody put it,if my memory serves me right,a crash would be called a one day fall of 10%+ on a major index.
