Years ago, when I was a young man, P/E ratios on stocks used to be in the 7 or 8 range. Right now, they are in the twenties. They were a lot higher. If stocks continue to fall to a P/E Average of 8 or 9, they will have to come down over 50% more in price. Could happen. Not saying that I know for certain that it will. Right now, I would not trust the stock market.