A market correction that takes place in the middle of an ongoing cycle. Such market corrections are typically driven by specific factors including changes to market policy (by a regulator) or a substantial systemic event. In which case, a market changes its direction while a broader cycle is still in force.

A sell-off could be a sign of a mid-cycle correction (but not the end of a rally- or an ongoing bullish cycle). A mid-cycle correction may involve several mid-cycle slowdowns over the course of a given market cycle.