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Dow 30,000 in next 4 to 5 years, investment expert says

The Dow Jones industrial average will likely hit 20,000 in January and will probably climb to 30,000 in the next four to five years, investment expert Nancy Tengler told CNBC on Wednesday.

Her bullish forecast is due, in part, to the potential "pro-growth" economic policies expected after President-elect Donald Trump takes office.

"The formula for growth is before us and we have turned the corner from an earnings standpoint in the third quarter," the chief investment officer of Heartland Financial said in an interview with "Power Lunch."

"We are being given a tail wind that, I think, is going to very much help corporate America."

The market has been moving higher since Trump's victory Nov. 8. While the Dow has been within striking distance of 20,000 in recent days, on Wednesday it slipped lower.

Scott Wren, global market strategist at the Wells Fargo Investment Institute, believes the index will see the milestone this week or in early 2017.

However, it will move above and below 20,000 several times over the next couple of months, he told "Power Lunch."

And while he is hopeful about the economic proposals of the Trump administration, he pointed out that the benefits will take some time to be seen.

"They're going to take a long time to refine, debate, implement and then finally have an effect on the economy," Wren said.

He also thinks concerns may hit the market later next year.

"I think the market in the second half of 2017 is going to start to worry a little bit about inflation, wage inflation, Fed behind the curve in 2018 and that is going to take a little steam out of the market in 2017," he predicted.

Meanwhile, Tim Seymour, managing partner at Triogem Asset Management, is urging caution heading into January, which he believes is likely to be "nasty."

In part, that's because there have only been three positive Januarys in the past 10 years, and there has already been an enormous runup in the market," he told "Power Lunch."

"Taking risk right out of the gate just because things have gone so well isn't necessarily how you want to play this," Seymour said.

He believes sectors that were doing well before the election will continue to perform. He specifically likes reflation trades, and thinks housing, master limited partnerships and industrial metals should do well.

Brad McMillan, chief investment officer at Commonwealth Financial Network, also thinks there may be a pullback early in 2017, but believes the market will likely move higher because the fundamentals are improving.

He specifically likes financials and consumer discretionary.

"You want to bet on the American consumer," McMillan said. "We're seeing wage growth continue to rise. We're seeing job growth doing very well."

For those who want to put money into the market, he would buy every two weeks or so over the next couple of months.

— CNBC's Jennet Chin contributed to this report.