I have highlighted previous peaks and subsequent bear markets as noted by the sell signals in the lower panel. (elliottwaveanalytics.com)
And if we assume the DOW Index is indeed peaking, and that the subsequent bear market might be the average decline of the last two bear markets in magnitude and time duration, then the DOW Index could conceivably drop to 9000 by the Ides of March of 2016. (gold-eagle.com)
Within about 15 months from the peak, more than 50 % of this gain has typically been lost to the subsequent bear market [1]. (schroders.com)