When a major high occurs the market will likely not allow more than one time to short the major top. Below are examples of spike highs, yet when one looks at the Major High in the monthly time frame for the Dow Jones you see the 4 last months before the drop, there was 4 retested highs!
A great lesson in Spike Highs… vs Not a Major High:
Notice the correction… the 4 monthly bar highs. This is not a major high based on patterns.
What Spike Highs… Major Highs Look Like:
Thank you the Armstrong Economics for sharing these historical images.