Standard and Poor's/Capital IQ strategist Sam Stovall says the market could be heading for a true correction, and if so, it may take until some time in 2016 to get back to break even.
The S&P 500, as of Friday was down 7.7 percent from its May high, and it lost 5.8 percent just last week alone.
"Should the S&P slip into a long overdue correction mode, it will likely take longer than year end to get back to break even," said Stovall. In 2011, the S&P was just very slightly lower, down much less than 1 percent. Before that it was last lower in 2008. As of now, it is down 4.3 percent for the year.