That's the thing about corrections: they are easier to call in retrospect.
While it was happening Jan 3rd was a "healthy correction" and then when the market bounced back to all time highs it became a "temporary flash crash". Has enough time passed for this dip to not qualify as a "temporary flash crash"? I think the answer lies in the next local peak. If we get batted down by resistance before making another all time high it will be obvious.
January 3rd didn't drop by 22% in less than 24 hours... apples and oranges
It was a 20% drop in 24 hours.
So no I guess it wasn't 22%.
I hadn't realized it went over 20%, that is interesting. There is no guarantee how long the correction will last or how low it will go. Some only lasted a week or two while others lasted multiple weeks from peak to trough. Not a single correction in 2017 went more than 38% from peak to trough and they seemed to get shorter in duration the further along the rally went.