Difference between a Dip, Crash, and Minor Correction

Okay so clearly we are seeing a bit of red across the market. And waking up this morning just based on what I have seen in this sub and news article headlines you would think the market crashed 50%+... I have been seeing people describing this as a crash, or a major dip, or a lot of market is bleeding red and a lot of should I sell now and buy in later. I feel like context is important when describing these terms. If something rallies up 40% in a short time frame then correct 3% it should be considered a dip.

So let’s decide on some arbitrary numbers for indicating what is an actual dip, and what would be considered a crash. I’ll start for me a dip is 10%+ and a crash would be 40%+. What is happening right now I would consider a minor correction. What about for you guys?