We present a 16 month sequence of monthly polarimetric 43 GHz VLBA images of the radio galaxy 3C 120. The images probe the inner regions of the radio jet of this relatively nearby superluminal radio galaxy at a linear resolution of 0.07 h^-l₆₅ pc (H₀ = 65 h₆₅ km s^-1 Mpc^-1). We follow the motion of a number of features with apparent velocities between 4.01 ± 0.08 and 5.82 ± 0.13 h_65-1 c. A new superluminal knot, moving at 4.29 ± 0.16 h₆₅^-1 c, is observed to be ejected from the core at a time coincident with the largest flare ever observed for this source at millimeter wavelengths. Changes in the position angle of this component, as well as a progressive rotation of its magnetic polarization vector, suggest the presence of a twisted (resembling a helix in projection) configuration of the underlying jet magnetic field and jet geometry. We identify several knots that appear in the wake of the new superluminal component, moving at proper motions ∼4 times slower than any of the other moving knots observed in 3C 120. These features have properties similar to those of the "trailing" shocks seen in relativistic, time-dependent, hydrodynamical, and emission simulations of compact jets. Such trailing compressions are triggered by pinch-mode jet-body instabilities caused by the propagation of a strong perturbation, which we associate with the new strong superluminal component.