Prominent technical strategist Tom DeMark predicts that stocks, which have rallied mightily following Donald Trump’s victory in the U.S. presidential election on Tuesday night, are on the verge of peaking and then subsequently tumbling by as much as 11%.

DeMark told MarketWatch that he’s forecasting the S&P 500 index SPX, -1.11% to hit 2,213 by Wednesday, followed by a correction. “Expectation is for U.S. stocks to endure at least 11% decline after top recorded,” he said. A correction is typically defined as a drop in an asset of at least 10% from a recent peak.

That forecast would put the broad-market benchmark’s peak well above its previous record of 2,190.15, reached Aug. 15. He sees the Dow Jones Industrial Average DJIA, -0.87% , possibly rising as far as 19,434 in a “1-2 day blow-off.”

The S&P 500 ended Friday at 2,164.45, while the Dow closed at a record 18,847.66, notching its second record close in a row.

With stocks stretching higher, DeMark warns that it may be appropriate to take caution: “Heed and caution are appropriate at this time,” he said.

DeMark says Trump’s Election Day win against Democratic rival Hillary Clinton may be the catalyst for the recent moves in markets but that he bases his forecasts purely on technical factors.

See: Trump doesn’t deserve credit for the Dow’s rally

Check out:MarketWatch’s snapshot of the markets

DeMark also sees a top for the 10-year U.S. Treasury yield TMUBMUSD10Y, 0.701% in the 2.15% area. Bond prices move opposite to yields. Since Trump’s election win, a selloff in Treasurys, which has pushed yields to levels last seen in January, has accelerated. Bond prices have been under pressure due to the expectations that Trump’s budget plans will result in an increase in government borrowing and higher inflation.

Read: Trump stock-market rally reflects expectations for new era of fiscal stimulus

Also read: Gundlach sees relief for Treasurys after Trump-inspired tantrum

The chart below shows DeMark’s forecast for the S&P 500:

S&P 500 is forecast to hit 2,213 in the next 5 sessions. Source: DeMark Analytics, LLC

Here’s a look of his chart for 10-year U.S. government paper:

Source: DeMark Analytics, LLC

DeMark, who runs an eponymously named data analytics firm in Scottsdale, Ariz., called for a rally in oil on Feb. 11 and signaled that the S&P 500 had notched a short-term bottom on Jan. 20. His predictions have garnered him a certain cachet on Wall Street, where he advises a who’s who list of hedge-fund luminaries, including George Soros, Steve Cohen and a host of others.

DeMark, who views markets as largely interconnected, said the peak may be in or near for the Shanghai Composite Index SHCOMP, +2.06% , which closed at 3,196.04 on Friday. DeMark is predicting that the Shanghai might reverse course soon. The index is up about 2.3% this week, but off about 9.7% so far this year.

“The Shanghai Composite may have 1 to 2 additional successively higher closes, but upside projection off the February low, when we turned positive, has now been fulfilled,” he said.

A downturn, as DeMark is predicting, would mean further pain after a brief respite in China equities. The Shanghai Composite is off 47.5% from its record of 6,092.06, hit Oct. 16, 2007.

DeMark also is spotting a convergence of assets across the globe touching tops and bottoms at the same time. Here’s another DeMark call:

The chartist forecasts that “one or two more climbs” for the dollar against Mexico’s peso USDMXN, +1.29% , will mark a peak for the U.S. dollar against the beleaguered currency (see chart below).

Mexican peso is nearing the end of its fall against the buck, DeMark says Source: DeMark Analytics, LLC

One of the centerpieces of Trump’s policy has been his plan to construct a wall along the 2,000-mile U.S.-Mexico border, and redraft trade agreements between the two countries. The real-estate developer’s presidential victory has been most painful for the peso, which dropped 11% this week, with the buck buying 21.12 peso.

Part of DeMark’s complicated forecasting methodology entails employing a so-called momentum formula that compares closing levels of the S&P 500 with those from four days earlier.

To be sure, he’s not always on the mark. Back in late February and early March, DeMark called for the S&P 500 to tumble 8% to 10% to as low as 1,786. But the index retreated to just 2,085 on Nov. 4, as the market sold off on uncertainty surrounding the U.S. presidential contest. But it is important to note that DeMark tends to be flexible about adjusting his forecasts as metrics change and has maintained a respectable record.