I never get a serious reply on this, but I've always had this philosophical puzzler to pass the time:
How long does an inflation-adjusted ATH have to hold the record before someone accurately can call it a top? The real value of the S&P in 2001(?) wasn't reached again until 2014. If thorstach had been investing in 2000, would he be right? What if the same ATH went unchallenged for 30 years, or 70, or 8, or 2? How local does a local maxima have to be to count as a top?