Permabear Marc Faber said Monday he expects stocks to drop 20 percent 30 percent by October.
"Don't forget many stocks are already down 10 percent. The home builders are down roughly 15 percent. Airlines have just dropped around 10 percent," he said on CNBC's "Halftime Report."
Faber, publisher of the "Gloom, Boom & Doom Report," also noted that several large-cap stocks were down by double-digit percentages.
"So, we're not exactly in a uniformly strong market," he said. "The Russell 2000, which represents 2,000 companies, is down 2 percent for the year. And big deal, the S&P is up 6 percent, whereas the Philippines, Indonesia, India, Thailand, Vietnam are all up between 15 percent and 25 percent."
Earlier this month, Faber said the market is setting up for a big decline that could be as bad as the crash of 1987. But he stopped short of predicting what would set it off.
While Faber's worst-case scenarios often make headlines, he has also been criticized for making dire predictions that didn't bear out.
Last August, he called for a 1987-style crash. Meanwhile, the S&P 500 is up 17 percent since then.
After President Barack Obama's re-election in 2012, Faber joked that investors "should buy themselves a machine gun" to protect their assets. Since then, the S&P is up 45 percent.
Faber defended his record.
"Over my career, somewhere, somehow I must've made some right calls," he said. "Otherwise, I wouldn't be in business."
Faber claimed that over the past 12 years, his Barron's stock picks on average have been up 22.7 percent annually. Faber also said that the Market Vectors Junior Gold Miners ETF, which he owns, is up 42 percent this year.
Overall, higher stock prices, he added, were the result of the Federal Reserve's quantitative easing and M&A activity.
"And the asset purchases by the Fed have done little for Main Street, for the average family in the United States, for the average or median household. But it's lifted some asset prices, including luxury property prices, and particularly stocks and bonds," he said.
"And in the stock market this year—maybe you find this healthy—corporations are very liquid, but they don't build capacity. They don't spend on capital equipment. What they do is to buy other companies because their currency, their shares, are a good way to buy other companies. And that has driven the companies. Not so much individual buying. There has been very little individual buying."
—By CNBC's Bruno J. Navarro