The market "snapped like a twig" Monday afternoon and the roller coaster ride is probably not over, veteran trader Art Cashin told CNBC.
"When you have this kind of action it usually indicates you have another day or two to find a bottom," the director of floor operations for UBS said in an interview with "Closing Bell."
Cashin called the Dow's steep plunge "totally ridiculous" and noted it was on moderate volume.
However, when the market started looking like it was getting out of control, people begin to get fearful, he said. "The fear builds on itself."
The Dow was just at a record high on Jan. 26.