I think you hit the nail on the head. The market crash is likely off the table buy a slow bleed down could take place as the "new reality" sets in. We are going to see a wave of bankruptcies, something that the economy will feel.

The market is interesting since much of the growth over the last few years is in a handful of companies. Most of the participants were laggards.

Now we are going to see a flushing out of those laggards. Many will not survive since they were on weak ground to start.