View the new highs series as a monotonic function, as long as expansion of new highs (wiggly expansion) is present, it means a larger and larger percentage of the stocks are in very strong patterns, a top occurs often at a maximum in new highs and maximum )once more, local maxima) of new highs, and the trick is to guess, is today the day? When other extremes coincides (like VIX, VXN or P/C ratio) with such, or when we are post a turn in important BP's then a top is easier to "call", but playing this market is not supposed to be "easy" it is supposed to be "challenging" (g).
Zeev
