Yeah, it's already occurred more than once. But regardless of that fact, I expect a big drop in stocks anytime. They're highly overvalued.
I expect the overvaluation will come down but not with a drop in stocks but rather an increase in earnings because of inflation.
XYZ corp that is trading at a 29PE will eventually trade at a 22PE when they increase earnings by 30% because of a few years of 8% inflation.