Respected investor Bob Doll told CNBC that he doesn’t think the correction is over.

"I think we're rapidly reaching a near-term oversold, from which we'll get a bounce,” the chief equity strategist and senior portfolio manager for Nuveen Asset Management told CNBC. “But I don't believe this corrective period is over yet. Most of the decline is probably behind us from a point standpoint. But I think we have more time to sort this out."

A wave of selling has hammered major indexes, with the S&P 500 losing nearly 6 percent in the past week. That is its worst weekly slump since 2011, and leaves it close to what Wall Street calls a "correction," or a fall of 10 percent from a recent high.

Is there more selling to come? No one knows, but corrections are natural in a bull market, a pause in the market's march higher, and this one is long overdue. They usually come about once every 18 months. The last one was four years ago.

"Corrections in bull markets tend to be sharp, they tend to happen quickly but they don't turn around and go back up on a V-bottom. I just want some time to pass and seek some consolidation," he said.

"We're not heading into a recession. Bull markets don't end of old age or valuation levels. They end when somebody smacks it over the head, and I don't think that's what's happening," he said.

Doll isn't alone in expecting more pain in the stock market.

Nobel laureate Robert Shiller of Yale University warned that the market bloodbath may get even nastier. He told CNBC that "even bigger and bigger" aftershocks are possible.

(Newsmax Wire Services contributed to this report).

Related Stories:

• Bob Doll: Dollar And Oil Good For Economy, But Bad For Stocks
• Murdoch Tweets of ‘Major Global Crisis’