The ASX blue chip shares I'd buy during the next correction

Most investors hope 2026 delivers calm markets, steady growth, and rising share prices. And I think there's a good chance it will.

But history tells us that share market corrections are not a question of if, only when.

Corrections are uncomfortable, unpredictable, and rarely feel safe in the moment. Yet they are also when long-term wealth is often built.

Prices fall, sentiment turns negative, and high-quality ASX shares temporarily trade below what they are really worth.

If that happens in 2026, these are three ASX blue chip shares I would be watching closely.

Cochlear Ltd (ASX: COH)

Hearing solutions leader Cochlear is a blue chip ASX share I would buy if it pulled back meaningfully. It operates in a niche but lucrative global market, has dominant technology, and benefits from powerful long-term trends such as ageing populations and improving access.

When broader markets sell off, Cochlear shares are often dragged down with everything else, despite its long-term outlook remaining intact. While unnerving at the time, a market correction that pushes Cochlear to a more modest valuation could be exactly the sort of opportunity that I think investors should be using to their advantage.

Macquarie Group Ltd (ASX: MQG)

Another blue chip ASX share to buy on a correction could be Macquarie. It is one of Australia's most resilient financial institutions, with a business model that goes well beyond traditional banking. Its exposure to infrastructure, asset management, and global markets has allowed it to grow earnings through multiple cycles.

While market downturns can temporarily reduce deal activity or asset values, Macquarie has consistently proven its ability to adapt and generate returns over time. In addition, buying Macquarie shares when sentiment is weak has historically rewarded patient investors. Given the quality of its businesses and management team, I expect this trend to continue long into the future.

ResMed Inc (ASX: RMD)

ResMed is another blue chip ASX share where long-term fundamentals matter far more than short-term noise. Sleep apnoea remains vastly underdiagnosed globally, and ResMed continues to invest heavily in technology, data, and connected healthcare solutions.

Corrections are often caused by concerns over short term economic weakness, but demand for ResMed's products is not cyclical in nature. Sleep apnoea needs treating whatever is happening in the economy.

So, if market volatility were to push ResMed shares materially lower, I think it could present a compelling entry point for investors thinking five or ten years ahead.

The post The ASX blue chip shares I'd buy during the next correction appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has positions in Cochlear and ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Cochlear, Macquarie Group, and ResMed. The Motley Fool Australia has positions in and has recommended Macquarie Group and ResMed. The Motley Fool Australia has recommended Cochlear. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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