The recent election was indeed an earthquake for the Democrats and we are starting to see the aftereffects of it in the reactions of prominent members of the party, ranging from Senators Schumer to Harkin and now Harry Reid.
That said, I think it is a bit early to make forecasts for 2016, except that most of the supposed "certainties" of just a few months ago (such as Hillary is a shoo-in) are now very much in question. Much depends on what the parties do in the months ahead and on the candidates that emerge as we approach the next election.
So far Obama appears to be behaving in a belligerent way, more interested in advancing his personal goals while he has the time, than in adjusting his administratrion and his party to the emerging new political reality, as did Clinton under similar circumstances. What appears to be self-confidence in one's wisdom and persuasive powers, while riding a favorable tide, can quickly be exposed as arrogance and stupidity in more challenging circumstances, if one lacks the real strength of charactrer required for high office. This increasingly appears to be the case with our President. If this behavior on his part continues, we could see real growth in the trends that were visibly operating in the last election, and a decisive defeat for the Democrats in 2016.