Market's wild ride could last weeks — with another jolt coming right behind it, Invesco top market watcher warns

The market turmoil may have a lot more life left in it, and just when it seems like it's calming down — another jolt could be right behind it.

That's the scenario Invesco's Kristina Hooper sees unfolding. She predicts a plunge of this magnitude could happen multiple times in the next 10 months.

"I would expect whiplash to continue. The negative animal spirits that are in the market today don't look like they're abating," the firm's chief global market strategist said Thursday on CNBC's "Futures Now." "We could see this kind of tumultuous environment continue for days and perhaps weeks."

Market sentiment vastly changed on Feb. 2 after the government reported wages grew 2.9 percent during the past year. Hooper and others say the data sparked alarm bells over rising inflation and drove 10-Year Treasury yields to 2.85 percent.

"[It] really opened up a Pandora's box of other concerns," she said. "We're looking through a very different prism at the same data, the same market events and extrapolating something far more negative."

She's also observing anxiety over potentially adverse consequences from tax reform and a new budget. To pay for it, the government could issue a lot more debt in the next year.

"That's I think what is really gripping the markets with concern right now," she said.

Despite her less-than-rosy forecast, Hooper still believes could end the year about 10 percent higher. But getting there will be "lumpy and bumpy."

"Investors need to be prepared for more volatility," Hooper said.