Monday’s trade moved low enough to negate the current near term count. I’ve updated the count and discuss the implications should last week’s highs completed the minor wave 5 advance and in turn the Intermediate wave 3 advance. This then suggests that the ES is dropping in the beginning stages of an Intermediate wave 4 decline. The initial structure appears to be a 5 wave decline — if this is the case we should see a small bounce followed by an additional low under 4172 to complete wave 3 of 5 – this would then be followed by another 4th wave bounce to complete wave 4 of 5 and then a finishing 5th wave down to complete the initial structure. Fibonacci support levels have been updated and discussed.