This prophesy was not fulfilled at Pentecost or in the Book of Acts.
These outpourings would now be the mark of the Church age. Pentecost was a beginning not a complete fulfilment. This promise and the beginning of its fulfilment at Pentecost pointed to a future, further and fuller outpouring of the Holy Spirit. This was the beginning of such revivals which would continue throughout church history until the day of Christ's literal, physical and visible return to the earth (2:19-20). That means we are still in that time period.
Joel prophesied: “And it shall come to pass afterward that I will pour out my spirit upon all flesh; and your sons and your daughters shall prophesy, your old men shall dream dreams, your young men shall see visions: And also upon the servants and upon the handmaids in those days will I pour out my spirit." (Joel 2:28). Joel was looking forward in time to a period that would be marked by outpourings of the Spirit.
On the Day of Pentecost when asked the meaning of what was happening Peter responded by quoting Joel. He said: “And it shall come to pass in the last days...” (Acts 2:17). So this period called "last days" was to be marked by outpourings of the Spirit. "Last Days" is not a short period of time before Jesus returns but is a long period of time which began on the Day of Pentecost and which stretches forward to Christ's return.
This word "last" is the word eschatos which means - farthest, final, ends of, last, latter end or uttermost (Jn.6:39-40, 44, 54, 11:24; 12:48; Acts 2:17; II Tim.3:1; Heb.1:2; Jm.5:3; I Pet.1:5, 20; II Pet.3:3; I Jn.2:18; Jude 1:18). Revival should be a vital part of eschatology (the theological teaching of what happens during the last days). The Bible clearly predicts that these outpourings will never come to an end while there is a Church on earth. Revival is a Church-word. In other words you can never think of the term revival apart from the Church and should never think of the Church apart from the potential of Revival. Never has a revival in history come without it coming to and through a portion of God’s Church.
Until the rapture of the Church there will be such revivals. Both Joel and Peter state three clear "last day" incidents which bring to an end that period of outpourings commonly called revivals like that seen in the Book of Acts and which we have experienced throughout Church History.
1. “...wonders in heaven above, and signs in the earth beneath; blood, and fire, and vapour of smoke:”
2. “The sun shall be turned into darkness, and the moon into blood,” – A cosmic blackout. This is literal as clearly seen and taught in a number of Scriptures (Isa.24:23; Amos 8:9; Mt.24:29; Mk.13:24; Lk.21:25; Rev.6:12).
3. “...before that great and notable day of the Lord come:” When Christ stands upon Mt. Olivet and comes in judgement on the nations.
Until these three incidents come to pass we cannot say the day of revivals has passed us by. Peter recieved his doctrine of revival from the Old Testament Scriptures. To his mind revival was a solid biblical issue; not a feeling, impression or
even experience. The strongest arguement for future revival is the written Scriptures. Peter's conviction and belief concerning future outpourings of the Spirit was founded, grounded, gaurded and upheld in faith by the Word of God.
Again while Peter is preaching in chapter 3 of Acts he gives us four important words: repent, refreshing, restitution and send (return). These four words span a period from Peter's preaching of repentance to the time of Christ's return. But he explains that between these two points of time that there will be seasons of revival.
"...when the times of refreshing shall come from the presence of the Lord;" This word "refreshing" means recovery of breath or revival. Peter says there will be "times" of revival. This word "times" means set periods of time. So he is saying that there will be ‘certain set periods and seasons of revival.'
He also says there will be "the times of restitution of all things, which God hath spoken by the mouth of all his holy prophets since the world began." This term restitution means restoration; to restore back to order. So there will be continual "times" of revival and times of "restoration" of things spoken of by the OT prophets and these will continue "until" the Father "shall send Jesus Christ."
It is also clear from this that these "times" are not continual without break. Between these "times" there will be apostasies, dark times and times in which the Lord's people despond. Yet on the back of such times the Lord will revive and restore until Christ returns. No one can biblically say that there will be no future or further revivals or restorations of the Church to a glorious state without departing from the prophetic Word of God and from the promises of Scripture.