On the flipside, we might be in a correction during a melt up. I personally believe that the S&P 500 will reach near 10,000 before the real crash. The price of oil is definitely going to put a hamper on the economy, but assuming this price hike in oil disappears before ruining everything, this downturn will quickly turn into a flaming rally into the ludicrous realm when oil prices reach sub-$100 and the fed stops rate hiking again (which they will). It doesn't mean the economy will get better, in fact it will probably be much worse at that point, but the price of everything will continue to skyrocket, including houses and the stock market.
On the flipside, we might be in a correction during a melt up. I personally believe that the S&P 500 will reach near 10,000 before the real crash. The price of oil is definitely going to put a hamper on the economy, but assuming this price hike in oil disappears before ruining everything, this downturn will quickly turn into a flaming rally into the ludicrous realm when oil prices reach sub-$100 and the fed stops rate hiking again (which they will). It doesn't mean the economy will get better, in fact it will probably be much worse at that point, but the price of everything will continue to skyrocket, including houses and the stock market.