This is the correction many waited for: Expert

Market whirlwinds continued amid a global sell-off Wednesday.

While the market conditions may reflect what many thought was a correction in August, Kristina Hooper, U.S. investment strategist at Allianz Global Investors, told CNBC that what happened then, was not very significant. However, this new wave of volatility is.

"What we are experiencing right now is the kind of correction that many have been waiting for," she told "Power Lunch" on Wednesday.

The Dow Jones industrial average was down more than 550 points in intraday trading Wednesday before paring those losses somewhat to end down 249 points. The S&P 500 finished down about 1.2 percent at 1,859, after falling more than 3 percent through its October 2014 intraday low of 1,820.

Still, Hooper advises that investors proceed with caution, but "don't panic," as more volatility is ahead.

"We are living though extraordinarily expansionary monetary policy coming to an end," she said. "Add to that the fact that we have concerns about China, where there's never been a lot of transparency."

The market, which started the year with a drop, as a result of low oil prices and China fears, is not pointing toward a recession, Joseph Lupton, senior global economist at JPMorgan, said Wednesday on "Power Lunch."

WTI settled at $26.55 on Wednesday, its lowest level since May 2003, after dropping to $26.19, a 12-year low, in intraday trading.

Lupton said that while fears of plunging oil prices have been reflected in the equities market, investors should consider that a drop in oil prices will boost other areas of the economy.

"The fall in oil prices we have seen is going to provide a fairly powerful purchasing power-lift," he noted.

Thirty-two companies in the S&P 500 hit fresh 52-week lows in the consumer discretionary sector Wednesday.

CNBC's Evelyn Cheng contributed to this story.