We are most certainly much nearer a top at this point. Today was the first day of any major selling. Although it may still take a few more weeks before the market indexes put in a clear top by then many individual stocks and in particular smaller cap stocks would have topped out already. So swing traders need to be extra careful about putting on new long positions here as well as with manging open positions as small caps can really crack wide open after huge run ups...hint MOTR. Person holding longer term positions should tighten up stops and/or take atleast some profits off the table or hedge.
Good luck with your trading!