It is very hard to see how equities are going to avoid a significant downturn. The last three years of stock growth was mirrored by an increase in P/E. CFO's have been acting like homeowners in 2008, getting a home equity loan, and going on a cruise. And there are default swaps on all of it.
I am going to go out on a limb and say the Nasdaq goes sub 3500 in 2016. I think 3000 is a possibility. It's 4928 atm.