A correction is defined as a 10% decline in one of the major indices (S&P 500, TSX etc.) from a recent 52-week high to close. Historical analysis shows these corrections result in a 13% decline and take about four months to recover to prior levels on average. However, a four month recovery on average only happens if the markets do not fall into bear market territory....down 20% from a high. The most recent corrections occurred from September 2018 to December 2019 when the S&P 500 bounced in and out of correction throughout the autumn before plunging into a bear market on Christmas Eve.