Wells Capital’s James Paulsen thinks we’re going to see a stock market correction this year, but he doesn’t think one is imminent.

“There are still not many cautionary signs of an imminent correction,” Paulsen said in a note to clients, The Wall Street Journal reports. He outlined five catalysts for a 10% decline: a more aggressive pace to the rally, fewer market watchers calling for a correction, rising bond yields, rising inflationary pressures and a hawkish Federal Reserve, the Journal states. “Although some of these indicators are flashing yellow, none are yet red and overall they do not yet suggest significant downside risk for the stock market,” Paulsen said, but he added he still thinks a correction will hit later this year.

Long term, Paulsen sounds upbeat, though. “Whatever the rest of 2014 or early 2015 brings investors in terms of volatility or correction, it is important for stock investors not to lose sight of the continued favorable long-run potential for stocks,” he wrote.