High profile U.S. tech stocks have led a selloff that has seen global markets plagued by a loss of momentum over the last three days. Monday, the Nasdaq composite fell close to 1.2% marking its biggest three-day drop since November 2011 -- it's down 5.9% for the last 30 days. And the Dow and S&P 500 posted their worst three-day losing streaks since Jan. 27, 2014.

So are we seeing what could be a 5% to 10% correction for the market, or could this be the beginning of a bear market?

Related: Market has "pockets of silliness" but is "far away from a bubble": Howard Lindzon

"To a great degree what we've seen is high-growth momentum stocks reversing direction," Tobias Levkovich, chief equity strategist at Citigroup, tells us in the above video. He thinks people have misinterpreted the selling, saying investors are moving from small to large-cap stocks, from growth to value and toward quality. Levkovich says what we are seeing is "discreet parts of the market" like biotech, social media and cloud computing "start to lose what had been a small little bubble forming."

Related: Are social media stocks in a bear market?

He doesn't think we're going to see this horrible correction -- he thinks this will remain more "discreet," but says 5% to 10% would be normal, healthy and cleansing -- and he's expecting that in the first half of this year. He says he doesn't expect a bear market, though.

Citi is still looking for the S&P 500 to end the year at 1975, posting 7% overall growth commensurate with earnings growth.

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