That is my strategy as of yesterday and I've seen 3 warning signs that corroborate my sentiment:
1) The Nasdaq always goes first. If you look back to the first selloff in February, the Nasdaq led the charge down, offering the first warning sign to all market participants paying close attention that a broader selloff was coming. When I hear things like "sector rotation," I immediately think, "rotate into what, exactly?" "Are all Nasdaq stocks excluded from the rotated sector?" I think not.
2) The "W's" depicted above are nearly identical in form and the first one in 2015 ended in a pretty hefty selloff. Since every cycle nowadays seems to occur at times the magnitude of prior, similar cycles, I would imagine that the selloff will be similar to the one in 2015, but much more devastating in terms of points/day. Also, it's pretty strange to see the Dow moving more than the other two indices for days in a row.
3) Everyone in the mainstream media is bullish. That's strike three and I'm out of every long position not named gold or silver.
Stay short or be out altogether. Dow's words, not mine.