Would there be a big correction happening in the near future, to shake out those weak coins 
I dont think we can know that in such advance time. There is no way we can get the date. We get to know about the market correction in really short period of time and sometimes it keeps going on and then we come to know about it. ;-)
However, there will be market correction surely. The recent one was in the December so it is hard to say when the next one will come. Once the market will reach to ATH then usually we see the market correction. For now we are already in the deep sleep and need sometime to capture the good position.