Looking back on the DOW, it seems the market goes thru periods of multi-year consolidations before breaking out to multi-year rallies. If this is what is happening now, then the markets could have an extended rally leading to highs and another multi-year consolidation period.
Looking at previous multi-year rallies there will be 14% to 20%+ corrections - chart 1 - chart 2 However, the corrections could be bought and could continue to push the markets in an upward trend into a multiyear top.
IMO, as long as investors continue to try and call a top or believe a correction is a market crash and go aggressively short, the market could continue to squeeze higher.
I am probably in a very small camp with this idea but looking left of the chart, why would this period be any different? I do believe we will see a good correction after this current run up, but not a crash.