The Dow Jones industrial average could fall another 2,600 points, or 16 percent, from here, according to analysis from Alan Newman, editor of the newsletter Crosscurrents.
Earlier this year, Newman correctly sounded the alarm on a looming market decline, after spotting margin debt figures, a measure of how much traders borrow to buy stocks, at their highest level in 85 years.
While too often ignored by the masses, high debt-margin figures coincided with the market declines during the financial crisis in 2007 and the tech-bubble in 2000, Newman noted in January.
Nine months later, equity benchmarks around the world have significantly pulled back from their highs this year, pushing most of them into correction or even bear market territory, down more than 10 percent from their highs.
But Newman doesn't see a bottom coming anytime soon.