Friday’s trade appears to have put the end point for minor wave ‘b’ of Intermediate wave 4 at 4124.50. The market moved lower right off the high which gives support to that level completing wave ‘b’. Wave ‘c’ of Intermediate 4 then is likely in force with the ‘c’ wave forming a 5 wave structure down. Within wave ‘c’ it looks that wave 1 may be complete with a wave 2, (bounce higher in an a-b-c structure) in its initial stages. I have include Fibonacci extensions to give support levels for the ‘c’ wave down. The most common relationship between ‘a’ and ‘c’ waves is that they are equal in length. For the ES this would suggest a move down to 3972 to complete wave ‘c’ and in turn Intermediate wave 4.