https://www.hussmanfunds.com/wmc/wmc170508.htm

“We presently estimate that the total return of a passive, conventional portfolio mix of 60% stocks, 30% bonds, and 10% cash will hardly exceed 1% annually over the coming 12-year horizon.”

This implies a very rough road for S&P500 in 2019 and 2020. Recovery for market was 4.5 years from 2009-mid 2012 (a 16.8% annual average return), but this chart implies a 10 year recovery period 2020 (low) – 2032 (recovery point)) or a 9.9% annual return before S&P hits 3000 again. The low return value means a longer period to recover the previous high.