1. The bear markets of US 1929-1932, and the Nas 2000-2003 took the same form. I'm thinking an Elliot Wave A-B-C... with a long and destructive "C" wave. 2. The Nikki from 1989, took more of an impulse, "5-waves down" form. 3. What they all have in common is that the 1st leg down took the form of 5-waves down... down, up, down, up, down... followed by an upwards correction before things got more serious on the downside. 4. At this time we've had "down, up, down"... could be doing the 2nd "up" correction now, which would be Wave 4. We want to be on the watch for the 5th wave down here as many are forecasting. That last, 5th wave push to the downside could take either of 2 forms... a. Almost retest the low of 2 weeks ago... that could actually be somewhere between making a slightly higher low or a slightly lower low. That would be a "5th wave failure" (and a double bottom).. where the 5th wave down "fails" to take out the 3rd wave low. b. The 5th wave down takes out the 3rd wave low... but probably wouldn't be by a lot... maybe 3-5%(?). After that will be an upwards correction probably of 50-60% before it rolls over into the serious part of the decline which might last for months... maybe more than a year. The 50-60%-ish retracing of the initial down part of the decline will likely be the best remaining place to exit longs and a good place to get short. FWIW....