Definition
A decline of 10% or more in a market index or asset's price from its most recent high, typically measured from peak to the lowest closing price before a recovery begins. Corrections are shorter and shallower than bear markets (20%+ declines) and are usually identified only in hindsight.
In Panel Profits
Applied to a comic issue, character index, or the platform's own CE70 benchmark, a correction is a 10%+ pullback in verified FMV or index value from a recent peak that has not yet met the depth or duration threshold of a bear market. A single overheated key issue pulling back after a speculative run is a correction on that asset, not necessarily a market-wide event.
Comic-market example
If Amazing Spider-Man #300's verified 9.8 FMV runs from $2,400 to $3,000 on a casting-announcement catalyst and then settles back to $2,650, that ~11.7% pullback from the peak is a correction, not a bear market, unless it persists and deepens toward a 20%+ decline.
Calculation
Correction (%) = (Recent Peak FMV − Current FMV) / Recent Peak FMV, flagged when result ≥ 0.10
Common mistakes
Do not label an ordinary catalyst-decay pullback (see Catalyst Decay / Hype Half-Life) a 'correction' unless the peak-to-trough decline actually reaches the 10% threshold. Do not confuse a correction in one issue's FMV with a correction in the broader index.