"You can't say that a bear market has started until you've broken the trend lines—until you have rallied back, failed again, start to move lower. I'm not willing to say this is a bear market at all," said Dennis Gartman on "Fast Money." "I just think you're going to have a very severe, very substantive and really quite ugly correction that will probably make a lot of people wail and gnash their teeth before it's done."
As a result, Gartman thinks the S&P 500 index could fall 15 percent from the high reached last week, testing the 1,475 level on the downside.
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