For stocks, it looks like 2011 all over again

In guessing where stocks will be going next, technical analysts frequently turn to history. And for Todd Gordon of, 2011 provides a powerful predictor of the market's next move.

"I've gone back and compared this correction to the most comparable correction, which is 2011, and what you will notice is the two are tracking very closely," Gordon said Wednesday on CNBC's "Power Lunch."

"They both completed a double bottom, and the S&P has come back rather sharply, much like the 2011 recovery did," he said.

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"The only thing that's missing is one little setback. We need some profit-taking. … We need to set back quickly, shake some longs out, before we move higher."

While the S&P 500 closed 2011 with a dip and flattish action, a strong rally was ahead in early 2012.

This time around, once the expected dip comes, the S&P will be primed to make all-time highs, Gordon said. He expects this to happen in the next month or so.

As of Wednesday's close, the S&P is less than 2 percent away from record levels.

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Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

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