A drop of 30% or so is quite rare but does happen about every 10 years or so. There is no telling how deep this correction/collapse can go. How long it takes to get to the bottom is equally unpredictable. It could be 1 week, 1 month or 1 year.
Wise words from Warren Buffett :
"I don't think I can make money by predicting what's going to go on next week or next month," he said. "I do think I can make money by predicting what will go on in the next 10 years."
"Even when the market tanks,*don't panic and sell, Buffett has said. Stay the course and trust your original plan. If you have a long-term investment strategy, you have plenty of time for your portfolio to recover from any dips. "The money is made in investments by investing and by owning good companies for long periods of time," Buffett*told CNBC in 2016."