"I put the chances of a decline of 20% or more from this year's all-time S&P 500 high level at seven out of 10."

For bears, this chart is worth 500 words - MarketWatch

With my work, the 2099 objective was reached on Feb. 20, 2015. We then were in a lack of demand market that takes time for a break lower. Currently I believe we are in distribution, once we break below the Oct. 2014 low a bear market trend begins. imho