With the S&P 500 index hovering less than 2 percent below its record high, many market participants are calling for a correction of about 10 percent. Marc Faber, editor of The Gloom, Boom & Doom Report, is calling for a little more than that.

“For the last two years, I’ve been thinking that U.S. stocks are due for a correction,” he told CNBC. “But I always say a bubble is a bubble, and if there’s no correction, the market will go up. And one day it will go down, big-time.”So what’s big-time?

“The market is in a position where it’s not just going to be a 10 percent correction,” Faber said. “Maybe it first goes up a bit further, but when it comes, it will be 30 percent or 40 percent minimum.”

And you can thank central banks around the world, whose massive easing campaigns have left “all assets grossly overvalued,” Faber noted.

In addition, market momentum has slowed, he suggested. “Look at the market since November of last year to now. The market is up 2 percent. It hasn’t done much, and a lot of stocks are breaking down. I don’t think that the market is in a healthy condition.”

In the United States, the Federal Reserve has kept its federal funds rate at a record low of zero to 0.25 percent since December 2008. And economists don’t think the Fed will start raising rates until at least September.

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