Because the 2004-07 period appears similar to the forthcoming period, "I think we're going to get more bouts," Sonders added.
However, she also said that despite the declines, she believes, overall the market remains a secular bull; one that can return to all-time highs by year's end.
Read MoreAmid volatility, market wants 'considerable time'
If you're looking to put money to work, Sonders says traders may want to position for volatility, however, individual investors with long-term time horizons, should look at long positions inindustrials and technology, two sectors that should benefit as the global economy grows and improves.
And she added, if you're looking for value, look at the energy sector, again for the long term. "Valuations have gotten extreme to the downside," she said.