Saturday, 2/22/14 update

Market looks pretty toppy here.

 

The ES rallied into the Major W5 target area of 1842.75 this last week and established a high print of 1844.50 on Wednesday.   At 1842.75 Major W5 = .50 x Major W1. 

In addition, 5 waves can be counted as complete from the Feb 5 low of 1732.00 into Friday's 1844.00 top.  One other Fibonacci relationship to note is at 1844.25 where Intermediate W5 = .50 x Intermediate W1.

So there's a chance the very significant top of Primary Wave III is in place as of this last week.  If not, then the alternate at this point is the late week rally is Minor W1 of Intermediate W5 of Major W5 -- which puts the ES in the very last stages of Primary Wave III with that significant top very close in time.

One other thing of note, if Friday's high does indeed mark a long term top then the ES will have put in a double top on the hourly chart as well as the daily chart - a fractal.