Cyclical patterns could point to a market top that may be behind us as we move into 2016, said Peter Eliades, technician and analyst at Stockmarket Cycles.
"A lot of my indicators and cycles have been pointing to 2015 for several years now," he told CNBC's "Squawk on the Street" on Friday. "So I think we saw a very important top in May of this year on the Dow and the S&P 500, and frankly I'm surprised by the strength of this rally."
Eliades focuses on seven-year cycles in his analysis. He said that technical analysis of market cycles sometimes coincide with economic fundamentals, but not necessarily.
"Is it possible for the rally to extend and perhaps to go to slightly higher highs into the first quarter of next year? Yes, but I put the odds of it at 10 or 15 percent at the most," he said.