One of the markets I trade is the S&P 500 which has been in recovery mode since 2009. However, the action this week seems to have put the wind up a few people – the merest mention of a market going down in October seems to send everyone running for the shelters.
Channel breaks are not unusual in an uptrend as shown below.
In the current move there have been 10 such declines including the current move down.
For the sake of reference you can also see declines of 10% or greater.