A market top is a trend reversal point after an upward trend has peaked and then reverses down. A market top is the highest historical point a price trend has reached. A top is usually a process, not an event. When a market hits the highest point that it will, it begins to reverse down. No one knows for sure in advance that a top is a peak when it occurs. A peak in a price trend is always defined after the fact. A peak is unknowable on the day it occurs, because the following prices could be higher (or lower). So, a market top is discussed in past tense after prices have reached a peak and declined from that peak.