After a phenomenal run so far in 2017, the market is due for a pullback, legendary technician and trader Larry Williams told Jim Cramer in the "Off the Charts" segment on Mad Money Tuesday.

But that's not the same as saying stocks are headed into a bear market.

Williams has created dozens of technical indicators over the years, written multiple books and runs the Ireallytrade.com site.

He's particularly focused on decennial patterns in the markets, a concept first put forward in the 1930s by economist Edgar Lawrence Smith. The idea is that the market follows a 10-year pattern with weakness in years 3, 7 and 10, and strength in years 5, 8 and 9.

Notwithstanding the numerology overtones, the pattern has been strong enough to draw study by Williams.

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Looking at a chart of where decennial forecasts put the Dow Industrials, stocks are heading for a pullback as soon as Friday or Monday. That pullback should be brief, but will forecast a larger move starting in late July, kicking off somewhere between the July 20 and July 25. If the pattern holds, stocks could keep falling through November.

Williams insists this decline will not mark the start of a bear market, but will instead lead to an oversold state and a rebound.

But while the decennial technique is excellent at timing, it doesn't predict the magnitude of moves. It might be a mild decline and, of course, the decennial pattern might falter.

The bottom line, however, is that the charts, as interpreted by Williams, suggest the market could get slammed later this summer. Traders with forethought can prepare now.

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