It is an interesting take on things, but I automatically flag a couple of issues Mr. Lynch. First I agree that the S&P and DJIA are ready for a rather large correction. However you define the growth of these entities as 'economic expansion' and see their deflation/correction as an economic crunch that will effect the entire system from farm to rave. I see it differently, in that the massive growth in the equities market was not reflected in the rest of the economy. In fact out here in middle America the effect was quite to the contrary, wages have been stagnant for most of a decade and new housing starts have been anemic and housing prices today have still not regained the position they held in 2008. I know this is not how things are for the coasters, but the coasts are just the crust around the country, not the bulk of it.
You also posit that a oil price collapse may happen in the next two years which ignores that the prices today have not yet returned to the 2010-2014 averages. While it is true the OPEC reduction agreements have had an impact the growth in oil demand from Asia has also had a major impact upon world oil consumption. While many people make claims that this growth from Asia is only possible because of low prices this is contraindicated by the fact that demand growth in Asia was very strong for the last decade even when prices averaged over $80/bbl WTI from 2010-2014.
With such robust growth in world demand from Asia we also saw a drop in demand from the EU and North America congruent with the 2008 recession. However now the great middle of the country is finally pulling out of those recessionary conditions. Wages are up, construction is up, housing prices are up, all by a perceptible degree since the first of 2017. This has created optimism and spending in middle America from both businesses and the consumers who are employed by those businesses. Perhaps this optimism is misplaced, but it is very real and has a real impact on the economy in America between the coaster crust on the outside. This is increasing demand for fuel in the bulk of America because economic activity requires energy and from Ohio to Idaho Pickup trucks outnumber Prius' by a significant margin.
The other factor you seem to have glossed over IMO is the decoupling of the Stock/Equity markets and the Commodities markets. Starting around 2005 or 2006 it was noted and brought to my attention on this website that crude and natural gas prices were no longer moving in step with the stock markets. In fact to a certain extent the opposite seemed to be happening, when people feared investing in stocks they moved those investments not just to Bonds as was the traditional course of action, but also saw the opportunity to move funds into commodities. In part this was due to the growth in Asia which strongly supported the price of commodities like Copper and Steel to feed their rapidly urbanizing culture building hundreds of infrastructure projects and new urban sky scrapers to house the newly urban population. China today is no longer growing at the break neck pace of 2005-2015, but that is a far cry from not growing at all. With a population of 1.3 Billion souls the demand growth from 7% is huge, but even a growth of 1% is a considerable demand upon world resources.
China is also not alone, India is following the same track and is about a decade behind which means they are entering the much higher growth rate period of their economic development. Waiting in the wings is Indonesia which has also seen substantial growth in the last decade and is poised to take off in much the same measure unless the government policy stifles growth again which it has from time to time in the past.
All of these growing nations of Asia are IMO a solid support under Commodities and if the equities markets make the expected correction or take an even larger hit I expect the investor class to flee back into Bonds and Commodities. For Middle America this is actually a good thing because it makes mining and producing raw materials of all sorts a much better paying proposition. There are still many millions of tons of Bauxite in Arkansas and Iron Ore in Michigan and coal in the powder River Basin all of which the local population would gladly extract and export for money, not to mention the light tight oil from North Dakota that now has access to the LOOP in Louisiana for export. Sure when the first fracking boom took place in 2009-2015 there were a lot of issues with transporting the new volumes of oil from areas not in the pipeline network. In 2017 however those transport issues have been largely dealt with and their is now a lot of pipeline capacity backed up by rail tanker capacity able to transport the Bakken oil to GOM ports for refining or export. The higher commodities prices rise the more incentive to export that exists and supply is not the only factor when the investor class are pouring their wealth into the market like they were in the last boom.