Here's why chart experts say the Dow 20,000 breakout is for real

A "Dow 20,0000" hat sits on a desk at the New York Stock Exchange on Wednesday, Jan. 25, 2017.
Michael Nagle | Bloomberg | Getty Images

As the Dow Jones industrial average surpassed the 20,000 milestone Wednesday, top Wall Street technical analysts said the market has more to go based on the charts.

Dow Jones industrial average one-year chart

Source: FactSet

Dow's breakout "seems legit," said Louise Yamada of Louise Yamada Technical Research Advisors in an email. "The indicators are positive."

She is not alone as other technicians see promising signs in terms of market breadth and historical corollaries.

"This is a legitimate upside breakout. It is not only broad-based but the leadership in small and mid-caps is very encouraging. I've had an upside target of another 5 percent for a while," Altaira Capital Partners' Ralph Acampora wrote in an email.