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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Sara Eisen

Sara Eisen joined CNBC in December 2013 as a correspondent, focusing on the global consumer. She is co-anchor of the 10AM ET hour of CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET), broadcast from Post 9 at the New York Stock Exchange.

In March 2018, Eisen was named co-anchor of CNBC's "Power Lunch" (M-F, 1PM-3PM ET), which broadcasts from CNBC Global Headquarters in Englewood Cliffs, N.J.

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