"Plunges" seems to be getting a lot of use these days.
https://finance.yahoo.com/news/jpmorgan-strategists-stocks-imply-85-131822929.html
JPMorgan Strategists Say Stocks Imply 85% Chance of US Recession
(Bloomberg) — The S&P 500 now implies an 85% chance of a US recession amid fears of a policy error by the Federal Reserve, according to JPMorgan Chase & Co. strategists.
The warning from quant and derivatives strategists is based on the average 26% decline for the S&P 500 during the past 11 recessions and follows the US benchmark’s collapse into a bear market amid concerns about surging inflation and aggressive interest rate hikes.