Investors should be prepared for a possible 25 percent drop since the market is speculative, Bogle added. However his advice is still the same, even if it slides further.
"A 50 percent decline—and I've been through about five of them—it gets very difficult to stay the course. But it's been right all through my career and I think it's going to be right again today. Don't do something, just stand there."
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Stocks have been under pressure recently on concerns about the impact on the United States of weakening global demand and the possible spread of Ebola. The S&P 500 and Nasdaq briefly fell into negative territory for the year during Wednesday's session.
Overall, the market is not in a "bad place," Bogle said. "It's not cheap," but "this is not a bubble."
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He thinks a rational expectation for an average annual rate of return on stocks over the next decade is about 6 percent.
"Don't fool with commodities. Don't fool with gold. Don't fool with platinum," he said.
—Reuters contributed to this report.