Monday’s trade was somewhat confusing on the opening.  The buyers swarmed in and ran prices up $48.  The move itself extended more than I had anticipated as per my analysis but the afternoon session basically saw the rally be engulfed by a total rejection and then some.  So, I took a step back and looked at the 4 hour and the hourly chart to see that it is all a part of the same series of first and second waves as the Minor wave 3 decline continues to form.  The decline off today’s high gave support to “acceleration” occurring and “pull backs” being shallow which in turn gives support to the “3 of 3” moves now at hand.  Expectations remain for the ES to continue to experience periods of stronger acceleration to the downside with pull backs being shallow.  If the “3 of 3” moves are in fact unfolding there shouldn’t be stronger rallies as seen this AM.  What is left to unfold are the 3’s followed by 4th and 5th waves.  That should happen a total of 3 times to complete all of the “3 of 3” moves.  Ultimately the ES should break below 4260 and possibly pause at 4208 but ultimately break below reaching into the support zone at 4127 to 4077 with additional support at 3996.