The true definition of a Bear Market is -16% down as definitely proven by Jack Schannep of the Dow Theory.
"The threshold of -16% has resulted 70% of the time in declines occurring of at least -24% with the average loss for Bear markets being -33.5% over 16.5 months time."
In the short term there will likely be a hard and fast 'Dirty Rally' due to oversold technicals. This will very likely terminate at or near the 200 DMA / 2,675 resistance.
This confirmed bear market will then likely run down as much as 50% from the 2,675 resistance within 1-2 years as shown in previous bear markets (2000, 2008)
"The threshold of -16% has resulted 70% of the time in declines occurring of at least -24% with the average loss for Bear markets being -33.5% over 16.5 months time."
In the short term there will likely be a hard and fast 'Dirty Rally' due to oversold technicals. This will very likely terminate at or near the 200 DMA / 2,675 resistance.
This confirmed bear market will then likely run down as much as 50% from the 2,675 resistance within 1-2 years as shown in previous bear markets (2000, 2008)