In brief from the analysts at Deutsche Bank:

On
our methodology, there have now been 60 corrections from this point
including this current one.

• when a
  correction started, 12% of the time a recession had already started.
• 32%
  of the time one was coming within the next 12 months
• and on 56% of
  occasions no recession started around or within a year of the correction
  starting.

So, a correction is 44% of the time associated with a recession and 56% not.

This article was written by Eamonn Sheridan at www.forexlive.com.