Much like the 10/08 to 03/09 market action scared away and shocked the masses, the flash crash and the Euroland mini crisis shaked the confidence and scared away the investors again (05/10 to 08/10). After such shakeouts, you have a latent bearishness in investors that isn't easily shaken away, and takes time to convert them to believers again.
The current prices, even with this latent bearishness, are high, which tells me when the market becomes long term bullish, the prices should be considerably higher than they are now.
What I want to emphasize is this. The top will take time to happen, it doesn't feel toppy at all right now. Trying to pick tops in this market for a big swing trade at this time is not recommended.
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