First possibility of such a long lasting consolidation is that we are experiencing a gigantic top formation, professionally known as the Head and Shoulders formation.This formation is a typical termination pattern and often takes place at the top. We have experienced such a formation once previously in the recent history:
However, I do not think that the stock market is going to experience the same fate. In fact, this time it might be totally different. And instead of a significant decline, we might experience a sharp rally. I will discuss the rally potential in the next part of this analysis.