To say that MSCI Europe has been the hardest hit equity region over the past several weeks would be a major understatement. European stocks have been washed out more recently than at anytime since 2011. However, if 2011 is an indicator, a vast majority of stocks can continue to trade below its 200-day moving average for quite a few months so the bottom probably hasn't been seen in Europe yet.
Stocks in the rest of the developed world are approaching oversold levels for the first time since 2011 as well. Only 28% of stock in the MSCI World index are trading above its 200-day moving average. However, 55% of stocks still have a 50-day moving average higher than its 200-day moving average. When stocks were officially washed out in 2011 this percentage fell to 19%.