Wednesday’s trade was again on the slow side under lite volume.  The market however continued to consolidate above 4515 after an early test of the 4542 highs.  I did go back and review my Elliott count and labeling and have switched it up a bit.  In the process though I have not violated any of Elliot’s rules and I am maintaining the longer term trend.  I did this due to the trading action off of the 4542 high.  If this level to in fact complete an irregular “B” wave the expected “C” wave decline would be more apparent to the downside.  We wouldn’t be seeing the hesitation and consolidation at these higher levels.  Therefore I have made the necessary adjustments as follows:  The high at 4476 is the completion point for Minor wave 3 of Intermediate wave 5.  The low at 4348 is the completion point for Minor wave 4 of Intermediate wave 5.  From that low Minor wave 5 began and has thus far traced out minute waves 1-3.  With the current high at 4542.25 being the completion point for wave 3.  The market may have completed minute wave 4 at the 4512 low on Tuesday with the market picking up the initial moves of minute wave 5.  For now though, it is best to leave open the potential for another dip down to 4512 to 4500.  Upside resistance for minute wave 5 and in turn Minor wave 5 have also been updated.  Expectations haven’t really changed in that I have been leaving open the potential for the ES to rise again and push towards resistance at 4565, that level has expanded slightly and now sits at 4573.  A push through that resistance levels takes resistance to and above 4600.