The market has for the past few years gone down incredibly and this has affected many individuals not to mention the economies of most countries in the world and this has led to drastic measures and efforts made by the government and the private sector to revive it and this efforts are slowly bearing fruit.
It`s highly doubtful that a true correction will be seen in the next 3-5 years period. We live in a global and interconnected world. Thus a boom in an EU economy isn`t directly correlated to a boom in the economy of an African country. Competitiveness on a global scale leads to intensified fuel, food and wages fluctuations. Arbitrage on global financial markets seeks instability for larger profits..
I don't think the market is headed for true correction. I think "true correction" implies a perfect stock market, and I don't think that will ever be the case. Our market will be lucky if it recovers to a normal state, we have been in a financial crisis for so long it is going to take some serious reconstruction to repair it.
The markets are not headed for a true correction any time soon. Market trends depend a great deal on economic and political security. With the rise of ISIS and other national and international security threats, the markets will continue to ebb and flow with the changing of the day. In this day and age, nobody can rely on the market for stability.