The Market had fallen already 18% in February 2008. Switzer interviewed and reviews 5 Expert opinions:

Lai – Accountancy Invest – "The Market has more downside to go. I think it will fall to 4,800. [ie another 15%]"

Commonwealth Bank, Macquarie Bank, Conference Board in the USA, Conscious Money – All 4 opinions were that the market was either "Near the Bottom", "Far From Pessimistic", "the correction in housing is almost over", "its not all doom and gloom".

We all now know the GFC began in September/October 2008.