This chart (click to enlarge) shows the first leg down on the Dow in 1929. From peak to trough the first leg down was about a 50% drop (380 to 235). That long rise into the spring of 1930 was widely heralded as a "New bull market". However, the Dow subsequently declined to 40 by mid 1932. Basically a 90% fall in 2.5 years. I predict a similar path will be followed this time. This initial decline will have many believing that it's "1987 all over again". Unfortunately, it's not 1987...