The so-called godfather of technical analysis, Ralph Acampora, isn't worried about the next market decline.
Instead, he's concerned about the next rally.
According to the charts, the markets were in "perfect uptrends" since the election, he told CNBC on Friday.
However, when the Dow Jones industrial average (Dow Jones Global Indexes: .DJI) dropped about 240 points on Tuesday, many of those trends were broken, he explained.
"The next rally, and we'll have another rally … the tide has to lift all the boats. These averages have to make new highs. If they don't, then you can have what we call divergences. You can have trends going in different directions and that to me would signal that maybe the Trump honeymoon is over," the director of technical research for Altaira Capital Partners said in an interview with " Closing Bell. "
But that doesn't mean he's "pulling the plug" right now on his target of 22,000 for the Dow.
"I'm willing to give the market a bit of a breather. We need to pull back," he said.
U.S. stocks closed mixed on Friday after House Republicans pulled their health-care bill from the floor . The vote was expected for Friday afternoon, but the legislation failed to garner enough "yes" commitments.
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