This Looks Like A Top

Lots of people been calling the start of a bear market and saying the market has topped. From what I have seen in the past, the current price formation on the SPY chart doesn't look like a top to me.

SPY (monthly):

(click on the chart to enlarge)



Here is a mocked up chart with the price action showing what a top might look like and a projection of the top formation being made in February 2016 and the start of a reversal in March 2016.

SPY (for illustration purposes only):