Just so you'll know, I've given up on trying to short the US stock market until the price action regains some modicum of normalcy. I'm pretty sure virtually everyone else has quit trying to short perceived tops as well. For seven and a half months now, every small correction to the downside has been aggressively bid. This tendency has intensified recently, and is now showing up on the shortest timeframes.
I'm once again counting every Elliott subdivision as complete (pink, green, orange and purple - waves 5 of 5 of 5 of 5), and would normally expect a correction back to the extreme of pink wave 4 to commence immediately. Price even bounced off of a nice Fibonacci resistance level, where wave 5 pink equals 1.382 times wave 1 pink. I'm not gonna short it yet, though. Nope, not gonna do it . . . wouldn't be prudent.
In the meantime, shorting EUR/USD has been far more rewarding than trying to pick a top in the US stock markets . .
(See http://sidscharts.blogspot.com/2011/02/nasdaq-e-mini-february-15-2011-60.html for my last post regarding the Nasdaq)
