Maybe the market is will worse than ever because people still think the market will improve. After the hopes are exhausted, ascension will begin.
There's worser year when the market has been down by almost 90%.
No need to think anything bad with the market, if you've been here for few months you'll understand that this will get better soon. For someone who's good in analyzing charts, you'll see them hopeful that the market will get better after this tragic loss.