Notice the similarities of the pauses, as momentum driven managers sell and value investors pick at for a bit before continuing downward as most market participants in the headlights get slaughtered;
and the chart, instead of higher highs and higher lows
has switched to lower highs and lower lows;
Stocks dropped, and dip buyers betting on central bank etc... intervention jumped in from 2013 and the first big drop in 2015 which broke the upward trend-line channel.
Most who have losing positions 'only want their money back' so a resistance has evolved along the topside downward trend line into the present.
So if the odds of a pretty major down-leg appears relatively high, and you read this and chose to follow the advice of those skimming off your money for a living, probably most everyone else reading this will have taken the same course.
Otherwise it doesn't happen.