Following weeks of heavy selling U.S. stocks have eked out gains early this week, but one analyst told CNBC the respite will be short-lived and tips a 20 percent correction this year.
"The thing that would surprise me [in 2014] would be if the U.S. bounces back – we were really expecting it to be down about 20 percent this year… Our big call is long India, short U.S.," said Jim Walker, founder and managing director of Asianomics.
(Read more: Marc Faber: Here's how much I want stocks to fall)
Walker's view on U.S. equities goes against the grain, amid more bullish sentiment on the world's largest economy following a year of stellar stock market returns and marked pickups in leading economic indicators, such as employment and housing data.
Although the contrarian investor agreed that U.S. economic fundamentals look healthier, he said it's important to remember that the Federal Reserve's quantitative easing program has been the key driver of asset prices, and that program is currently being unwound.