Harry Dent is known for making bold calls, the well-known economist is now warning investors to prepare for the coming of an "economic winter."

Dent said the party is over for the Dow Jones Industrials Average (DJIA) which has seen 54 record closes this year.

"We have been bubbling since 2009 - I am projecting that the Dow will go down to 5,000 - 5,500 in the next two to three years," Dent said in an interview on Tuesday.

Dent's forecast comes from his latest book, "Zero Hour" in which he says the coming financial crash will "dwarf" the Great Recession and possibly the Great Depression.

"We have been putting off winter, it's finally going to hit and it's going to be worse than ever," he warned.

The DJIA is up 4.2% for the month of October, while the S&P 500 has gained 2.1% and the Nasdaq Composite has risen 3.1%.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.