38000 will be the bottom assuming they make good on their "It's going to cost us $2 Trillion in the market to implement" from a few months ago.
based on some rough math:
Assuming the Dow Jones represents 27.5% of the US stock market's total capitalization, we can estimate the total capitalization of the Dow Jones to be around $14.5 trillion.
To calculate the percentage drop required for the Dow Jones to lose $1 trillion in market capitalization, we can use the following formula:
Percentage drop = (Loss in market capitalization / Total market capitalization) x 100
Plugging in the numbers:
Percentage drop = ($1 trillion / $14.5 trillion) x 100 ≈ 6.9%
So, the Dow Jones would need to drop by approximately 6.9% to lose $1 trillion in market capitalization.
https://www.bbc.com/news/articles/cdj38mekdkgo 