It's been six years since the last bear market, which investors generally define as a peak-to-trough decline of 20 percent or more. But according to one highly regarded technician who has correctly identified past market tops, that's exactly what stocks are in now.
"We have generally declining prices with almost no sectors in uptrend," Cornerstone Macro's Carter Worth said on CNBC's "Fast Money." "We're in a bear market by my work."
According to Worth, the current price action in the market has failed to demonstrate some of the classic signs of a traditional bull market, which to him include broad indexes in an uptrend, broad support and generally rising prices.
"This market does not meet that definition," Worth said.