Recent erratic trading resembles the emerging market driven correction in 1997, but it may not spell an end to the bull market, noted investor Ken Fisher said Tuesday.
"The likelihood is that we have more pain ahead and that it's over just as fast as it began. But trying to time that is a fool's game," said Fisher, CEO of Fisher Investments, in a CNBC "Closing Bell" interview.
Weakness in China spooked investors again Tuesday, as major U.S. averages dipped nearly 3 percent to close in correction, or 10 percent lower than their most recent highs. In the fall of 1997, a financial crisis in Asia sent stock markets plummeting.
Fisher noted that he sees multiple similarities, including emerging market currency risks, stable interest rates, sagging commodity prices and a long period without a correction.
"This acts and seems to me exactly like the 1997 correction," he said.
He stressed, though, that bull markets do not end quickly as they "die with a whimper and not with a bang." Fisher predicted that stocks would dip again, only for the bull market to resume while traders still fret about the correction.
But others have contended the yearslong stock climb could be coming to an end. A lack of momentum recently shows equities may be entering a bear market, said Louise Yamada, founder of Louise Yamada Technical Research Advisors, in a CNBC "Futures Now" interview Tuesday.