Now if you want to get technicalLook at the increase in index weightings of just a few stocks that make up the the SP 500 over the past 30 years. Then layer the change in demographics (increased population) and on top of that show the increase in global money supply. You can add historic P/E for the cherry. Then tell me the SP 500 is grossly overvalued. It might be by 200 to 300 points but that depends on future earnings.
So expecting a further drop from here of say 40% would mean the world has enterered an extreme financial crisis, which if it ever happened would be the end of the monetary system as the debt loads would prohibit positive fiscal action.
Do you really think global central banks and governments would allow this to happen ??