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Pain in the market may just be getting started, according to Raoul Pal of the Global Macro Investor.
"The chance of a large sharp correction? Absolutely, because volatility is there and people will be forced to reduce risk, " Pal said on CNBC's "Fast Money. " "I would put that as a reasonably high probability that the S&P falls possibly from here down to the 1,800 level."
Pal thinks there will be a lot of volatility in the market this year and currency volatility will be the driving force. He expects the sharp currency moves that have happened globally to hit the U.S. equity markets.
A violent move in the Swiss franc on Thursday shook investors as the Switzerland National Bank removed its cap on its currency relative to the euro. The cap was in place to prevent the franc from gaining ground against the euro while Europe remained in recovery mode. Switzerland has been a beacon of financial stability throughout the euro zone's recession.
Brokerage and financial firms reported millions of dollars of losses from the sudden gains in the Swiss franc on Thursday and that may not be the end of it.
Currency swings are an issue at home with the U.S. dollar on a tear over the past year.
"The biggest risk to U.S. equities is if the long dollar trades unwind. If that happens, then you may see people unwinding their stock positions as well," said "Fast Money" trader Brian Kelly of Brian Kelly Capital.
Pal also believes a strengthening dollar will be part of the U.S. market downfall this year,
"People are underestimating what a strong U.S. dollar can do and oil is just one of those things." Oil is down nearly 10 percent so far this year and that's after a 45 percentdrop in 2014.
Pal isn't alone in pointing to hard times ahead in the market. On Wednesday, Dennis Gartman told Fast Money he was now net short of stocks.
"As of this afternoon, I am slightly, very slightly net short." As the markets sold off, Gartman did say that he was long the tanker stocks, which had managed to rise on the back of falling oil prices.