Wells Capital’s James Paulsen thinks a much-needed correction is coming for the stock market.

Paulsen tells CNBC that the continual failure of the market to make a sustained rally is “giving a sense of a major top”, and is a concern. Paulsen also says the “spring thaw” is occurring for the economy, which could be hastening the Federal Reserve’s decision to increase interest rates, which is also a concern for the market. He sees problems for the market whether the economy improves or not. He thinks the only way to move forward is for valuations to “reset” through a correction, which he thinks is coming.