Wells Capital Management's Jim Paulsen told CNBC on Thursday that the ongoing stock selloff could get "a little scarier yet" and that markets might end up in a "full-blown" 10 percent correction.
"Until yesterday, this corrective process has been looked at more as a good thing, a healthy refreshing pause, refreshing values for the long-term bull," Paulsen told CNBC's "Squawk Box." "And that's certainly not how we feel this morning. It gives you a sense that we're getting closer to the bottom here."
The S&P 500 could dip below 1,800 points before hitting the lows of the current selloff, he added.
Corrections occur when share prices drop at least 10 percent or more. As of Thursday morning, the S&P was down 7.8 percent from its recent highs, the Nasdaq down 8.6 percent and the Dow down 7 percent. The S&P would need to fall below 1,817 to reach correction territory.