Stock Market Under Distribution for the Past Year

The stock market has topped. Volume has been highest on down bars for the past 12 months. Up volume during this time has been much lower. This is happening at the 2.618 Fibonacci extension level after a protracted starting in 2012. This is making a round top. It has taken a long time. My belief is we will see large declines in 2016. I won't try to forecast how far or long the market will go down but I do believe the decline will be significant.