CNBC TV star Jim Cramer says the stock market has begun a 5 percent to 7 percent correction, sparked by signs of a slow economic recovery.

“We are right to worry that a new leg down might have begun,” he said on his Mad Money show.

It is the technology, bank, and oil sectors that sent the market soaring more than 60 percent over the past seven months, he says.

“All three created the bottom, with orders stabilizing for technology, the oil futures rallying for the petroleum sector, and nationalization off the table for banks.”

But the good news is moderating in all those sectors, Cramer points out.

“The three-legged stool is falling,” he says.

“Given the run the stock market has had, the idea of stabilizing, albeit at lower levels, is a good reason not to be back at Dow 6,500. But it’s not enough reason to be above Dow 10,000.”

Thus stocks already have seen their highs for the year (Dow 10,157), Cramer says.

So what follows?

“We’ve told you that a 5 percent to 7 percent decline could always be in the cards,” Cramer says.

“The 7 percent solution at last is upon us.”

Others are more bearish than Cramer.

Esteemed economist David Rosenberg of Gluskin Sheff & Associates told Bloomberg stock prices are least 20 percent overvalued.

And Andrew Smithers, who has his own research company, told Bloomberg you can double Rosenberg’s assessment.