Get ready to feel the pain, says one famed investor. 

Jim Rogers says market participants should enjoy the rally in stocks while it lasts, issuing a dire warning that "the worst correction of his lifetime" is coming.

U.S. stocks opened higher on Monday as the corporate earnings season continued, with Bank of America (BAC) - Get Report reporting better-than-expected quarterly results.

The Dow Jones Industrial Average (^DJI) rose 182 points, or 0.75%, to 24,542, the S&P 500 (^GSPC) was up 0.6% and the Nasdaq (^IXIC) rose 0.35%. Leading the Dow higher were Merck & Co. (MRK) - Get Report  and Action Alerts PLUS holding UnitedHealth Group Inc. (UNH) - Get Report .

"Soon something's going to happen that will make everyone happy again and the market will go up one more time, and that will probably be the last hoorah. Next year will be not a lot of fun," Rogers said in an interview.

He added, "It's been 10 years since we have had a bear market. That is very, very unusual, so the next bear market is going to be the worst in my lifetime."

When promoted to quantify the correction, Rogers said it would easily be over 50%.

These charts suggest a market selloff won't be in the cards in the near-term

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