Sunday, 5/25/14 update

I still believe that a significant long term top is being built in the ES/SPX.  Top building can be a long, drawn out and torturous affair with neither much upside progress (at least as compared to what has gone before) nor any real break in prices.  The trick is to catch that real breakdown when it occurs but not beforehand - if too early the market will grind you up in short order.

Current EW alternate counts can be found here (daily bars) and here (hourly bars).