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Wednesday’s trade revealed more information leading me to put the TOPS in for Minor 5, Intermediate 5, Primary 5, and Cycle 5 at the 4476.50 high. This does suggest that a SuperCycle degree correction is beginning. The ES broke below 4411.75 today and once that occurred the slide to 4400 was quick and the break below 4400 produced another slide down to the close at 4381. The ES broke below the Daily 20 MA yesterday but finished the session back above it. The confirmation of the break came today when the ES again broke below the 20 MA and closed below it. This suggests strong weakness in the market and a slide lower to the daily 50 MA is likely. Off of the hourly chart the following levels should provide support for the decline but accordingly I would expect the 1.618 level at 4345 to complete the wave in progress off of 4449.75. Support should also be found at 4370, 4360, and then 4345. I am counting the decline off of the 4476.50 high as a five wave decline with waves 1 and 2 complete and wave 3 in progress. Therefore bounces will likely be limited, very tradeable as they would be expected to retrace back approximately to the .382 to .50 Fibonacci retracement levels.