Clearly, Friday’s huge rally didn’t mark the bottom of this tumbling stock market, with the Dow Jones Industrial Average DJIA, -0.87% more than 2,500 points to start the week.

But is the end of the selling in sight? David Kostin sees the potential for more.

The Goldman Sachs GS, +0.01% chief equity strategist, in a note cited by Bloomberg News, says if the economic impact of the coronavirus crisis worsens, “the combination of thin liquidity, high uncertainty, and positioning” could push the S&P down 26% from Friday’s close to 2,000.