Here is a chart showing corrections since the big one in 2008. The last correction was 10%. There was a panic at the time. Do you even remember it? It was the "Ebola Is Going to Kill America" scare.
To be sure, markets can go lower. I'm not trying to call a bottom here. But I will point out that the underlying economy in the US is quite strong. If there is a global panic, money from around the world may try to "hide" in US stocks.
Two more important points ...
1. Sell-offs like the ones we are seeing now – 800 points down indicated on the Dow – are USUALLY much closer to the bottom than the top.
2. The really good news is some companies we’ve always wanted to buy are going to get CHEAP!
Bring out Chanos to scare everyone so we can really call the bottom.