It's not over till people start giving up and cashing out. Right now, the retail investors are still frantically buying the dip. It's just the smart money that is getting out while the getting is good.

Look: right now the S&P500 and the Dow are still twice where they were in 2016, and the Nasdaq is almost 3 times. Even after the recent drop. Do we have double the population we did in 2016? Double the resources? Double the technology? If not then why is the stock market twice as high?

My guess is, (and it's only a guess): the nasdaq will bottom out around 5000, the S&P somewhere around 2000. The Dow in the neighborhood of 15k. That's assuming there are no financial collapses like in 2008.

But it will take years to get there.