Economic guru Dennis Gartman warns savvy investors not to become too complacent if the market calms for the time being. More than likely, there’s a lot more volatility ahead.

“After a nine-year bull market, it's probably time for a year or two of a bearish market,” he recently told Newsmax TV.

“We had taken the stock market to almost preposterously egregiously overbought levels. We really shouldn't be surprised to see a 10 or 15 or even 20 percent for lack of a better term correction from those highs,” he recently told “The Income Generation Show.”

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“I think we've started a reasonable-sized bear market and nobody is going to like my answer to this when I would be asked ‘Where do I think it's going to go?’,” he told host David Scranton.

“The best I can tell you is I think it's going to go lower until it stops. That's what I've learned in 40 years of doing this so to put a price target and a price time on it I think I'd rather pass. I simply say right now the trend is down and share prices are going to continue to move lower,” said the editor and publisher of  "The Gartman Letter," whose clients including leading banks, brokerage firms, mutual funds, hedge funds, energy trading companies and green trading companies

However, he doesn’t think inflation will soar to the outrageous levels of decades past.

“I don’t think we're going to go back to the levels of the 1970s and 1980s. Can I see the 10-year making it well past 4 percent and perhaps the 5? Yes, but again in the 1970s and 80s we had 14. That's not going to happen,” he said.

“We're not going to go to those levels again and it's because of the demographics, it's because of greater productivity, it's because of greater use of computers. All those things are going to tend to keep interest rates lower. Are we going to in a hyperinflation? No, not even slightly. We're smarter than that,” he said.

“Even the average person in the public is aware of how money creates inflation. The government is aware of how money creates inflation and the pressure upon the central banks not to go into a hyperinflationary circumstance will keep rates from going to the levels back in the 1970s and 80s but rates are going to go higher just not dramatically so,” he said.