yes we could see new lows , it will be only a few desperate sellers but they will come :)
ive set this think tank up with Steve Keen
http://www.debtdeflation.com/blogs/2011/08/22/announcing-the-center-for-economic-stability-agm/
From here on its rolling emergency for about 2 years, Euro then probably Japan or China then the US a near complete banking collapse
You could easily see an ASX at 2500