See below
Daily SPX: After rallying about 50% of the last down move, the index on good volume closed approximately in the middle. It met supply where it should have and the rally rally might be a two day wonder.The 5 minute SPY chart is notable for the 20 million share bar. This is called volume off the top and is very bearish. We will not discuss how the action for the 5 bars before the high volume bar is typical topping action, as we have discussed it many times before.
Apple Computer 1x3 chart showing a consolidation going back to October. Do your counts. Hint:213 line and multiply by 3. Also 196 line and multiply by 3.
196 on the 1x1 is the hinge. It is where prices come to an apex, found most easily on pnf charts and is a very low risk place to take a position. There are frequently sharp moves from hinges. They are psychologically ripe moments.
An example of distribution after a peak.
Apple Computer 1x3 chart showing a consolidation going back to October. Do your counts. Hint:213 line and multiply by 3. Also 196 line and multiply by 3.
196 on the 1x1 is the hinge. It is where prices come to an apex, found most easily on pnf charts and is a very low risk place to take a position. There are frequently sharp moves from hinges. They are psychologically ripe moments.
An example of distribution after a peak. 
