crash no, I define a crash at least double percentage digit fall in one day, ideally more then 20%. But I would entertain 10% or more down in one day. That said, if doesn't feel any less painfull.
Some thoughts, I lived throught he 1998 melt down, it was nasty but I learnt lots. If you plan to sell, sell early. I wanted to sell in 1998 but I waited and waited for a bounce (betetr exit price) and when I did sell the market was some 5% off the bottom and way down from when I first decided to sell. But more importantly, if you are an investor with quality and time on your side (and if you are an investor you HAVE to have time and really should have mostly quality), then turn off the TV, wireless and PC and ignore it all. If you hold quality it will come back (98 took 18 months to break the highs) and trying to time and exit and re-entry is a mugs game.
Investors whith speculative stocks must be very careful and really shoudl ahev had an exit styrategy.
Traders is simple, you MUST have their exit strategies and OBEY them when hit.