A look at the charts shows that stocks and precious metals are headed for an imminent correction.Last week I wrote how the markets looked very similar to the way they were at their January peak, from where prices dropped nearly 10%. And as I expected, we did get the first sign of toppy market in the form of last Friday's sharp selloff. Today, we are now that much closer to a 3-8% drop, which is shown in the charts below. It's important to remember that bottoms tend to happen quickly while a market tops happen gradually. This is why so many investors take big losses trying to tip a top. The market will continue to move up even when it is very overbought. It's only when extreme levels are reached that investors should try to play tops.