I have heard knowledgeable people say, quietly, that it will eventually get much worse than 7000.

There is apparently talk (and a common belief) among many of the largest financial institutions that there simply isn't enough money to pour into the market to stabilize it, and so it will inevitably crash completely. The theory being that many of the market investors are waiting for that to happen, and only when it fully happens will investors feel comfortable enough to re-enter the market.

Who knows if it's true, but this seems to be a quietly held belief that many people are saying internally.