The stock market is headed for a correction; the only question is timing, says Marc Faber, publisher of the Gloom, Boom & Doom Report.

If it happens soon, the downturn can be mild, he tells CNBC. But if it doesn’t come until later in the year after the market has soared to new highs, stocks may suffer a 1987-style crash, Faber says.

Major stock indices hit a five-year high Tuesday, with the Standard & Poor’s 500 Index reaching 1,530.94.

“I think we have made the top, and it could be a longer-term top,” Faber says. “I don't think the market is as overbought as it was in 1987, so I don't expect a crash.”