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I would stop going back and forth if it seems like you're getting no closer to your needs/goals. Eventually, you have to determine whether or not the company is willing to pay you what you're worth, and if not it's time to move on. I don't think it's necessarily a bad sign if the negotiation process is long if it's a job you really want or a large company.
My personal limit is two. I always aim high so there's room to negotiate and both parties still be happy, but if there's too much back and forth, it turns me off.