It seems to be the consensus on Wall Street: The market is about the pull back. And some of Wall Street's top chartists say it's finally happening.
In a note published on Monday, Piper Jaffray's technical market strategist Craig Johnson wrote: "We believe the broader market has entered a period of backing and filling and suspect the S&P 500 may now pull back and retest its 200-day Moving Average," which is now down near 1450.
Carter Worth, chief market technician at Oppenheimer, has long been calling for a similar correction of 6 to 9 percent, and he believes that the recent downdraft could certainly be the start of it.
"Ultimately, the correction has got to start somewhere," Worth said. "I think it's obviously long overdue, and one day it will come. So why not right now?"
After all, the market "is showing signs of wear and tear," Worth said. He noted that the home-building stocks, which have made investors a great deal of money over the past year, have started to roll over.