Topping call is not invalidated by today's action.

The model given in my previous post on potential market topping opportunity remains valid.  I wrote about the DJIA, "It is possible that what I have labeled as 5 below is only A of 5.  If this is the case, the twin peaks will break out on Monday and then form a 5 wave throwover that comes crashing back into the channel to seal the deal."

The scenario mentioned there seems like it could be in play.  Note that the $COMPX is up far more in percentage terms than the DJIA.  I model the current wave as either 3 of C of 5 or 5 of C of 5.  That final wave is always difficult to count.  But the trigger for a sell off remains the same in either case: a break below the 1-3 line.

TVIX got creamed today on a relative basis.  By that I mean that a measly 110 point gain in the DJIA caused TVIX to fall by 6%.  The likely reason for this is that by the DJIA creating a new high, a Dow Theory breakout was confirmed.

Bottom line: you can take a speculative short position near the close of trading today but be prepared to get stopped out if a pullback tomorrow cannot break back down into the channel of the above chart.  The confirmation for safe shorting is that break down back into the channel.