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English definition of “market correction”

market correction

noun [C]     (also stock market correction, correction) FINANCE, STOCK MARKET
a reduction in prices in a financial market when they have been too high, bringing them back to a level closer to the actual values of companies and the real situation in the economy: Despite the market's vertical rise, analysts said they still don't see a major market correction in the near future.
(Definition of market correction noun from the Cambridge Business English Dictionary © Cambridge University Press)
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