Everything has changed since correction prediction: Acampora

Can't fight the tape: Acampora

Ralph Acampora, known as "The Godfather of Technical Analysis," still thinks the stock market is extended and should be correcting, but he told CNBC's "Closing Bell" that "everything has changed" since he predicted a 25 percent correction in May.

"About 63 percent of the Dow components are in strong, strong trends and no topping action, and about … 8 out of 10 sectors are doing very, very well," he said Monday. "Of course the market is extended and should be correcting but I can't fight the tape and I love what I see."

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Ralph Acampora
Source: Ralph Acampora | Twitter

In May, Acampora told "Futures Now" that he had a "sick feeling" about the market, and predicted a 20-25 percent drop for the Russell, Nasdaq and the S&P MidCap between then and October. He also predicted the would fall 10-15 percent.

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Acampora, director of technical research at Altaira, said in this market, he'd look for stocks that are not overextended. That means turning to some "old" names like Microsoft, General Electric, Texas Instruments, Cisco and Intel.

"They're just starting to pick up, and I think they're playing a game of catch up," he said.

—By CNBC's Michelle Fox