This is somewhat of a "things that make you go hmmmmmm" exercise, but lets examine this 1356 number for a second here. The S&P 500 hit 1356 Wednesday and put on the brakes and reversed down to 1341 in a possible terminal top move.

1356 actually has fibonacci relationships. If we take the last major rally, which was from the Summer 2010 lows:
1010-1370 (May 2011 highs)
360 points
.786 of 360 is 283 points
Take 283, add it to the 1074 October lows ... you got 1356/57

That would mean this last rally so far is .786 of the 2010-11 rally.

Also, 1356/57 is right in my 1352-1376 pivot ranges for a Major 3 top as well. Evidence is mounting for a good sized correction here, is my point.

Possible count, though many will argue not valid:

Wave 1- 666 to 1221- 555 points
Wave 2- 1221-1010- 211 points, .38% of 1
Wave 3- 1010-1370 360 points, .61% of 1
Wave 4- 1370-1074- 296 points... 38% of 1-3 (A bit more than 38%)
Wave 5- 1074-1356 .786 of 3

Only rule violation here: Wave 4 would have delved into Wave 1, which is a no-no for most E wavers. However, I would argue that 4 often does delve into the Wave 1 arena, legitimately, but that is a topic for another article.

Nonetheless, pay attention to the fibonacci relationships. If anything, they may be warning of 1356 as an interim high and top with correction starting. This would either be a 4th wave down with the 5th and final wave up left, or we topped at 1356. A drop below 1337 will confirm a correction at minimum to 1310 and then the 1295 ranges.