Nasdaq could fall 20-25%... Minervini mentions a 1-2 week sharp drop

Veteran US trader Mark Minervini warned on X that the Nasdaq could fall 20–25% from its highs, with the sharpest phase of a US equity selloff potentially unfolding over one to two weeks. He said the SPY ETF could drop 10–15% from its peak in a deeper downturn and as much as 20% in a worst-case scenario, while stressing he does not expect a 1987-style crash and instead sees the potential for a cyclical bear market resembling 1998. The warning followed a 3.3% intraday slide in the Nasdaq Composite on the prior session. The call matters because it signals that a prominent momentum-focused trader sees the current pullback as potentially deepening rather than stabilizing. What to watch next is whether the Nasdaq and SPY extend losses toward Minervini's 10–15% and 20–25% thresholds, and whether the drop plays out as a short, sharp unwind or a longer cyclical decline.