Monday’s trade followed through to the downside and appears to have completed the additional legs of minute wave 4.  I have labeled the chart accordingly to show the completion of wave 4.  But here is the next difficult challenge for the ES, the market now needs to build on the rally off of today’s 4434 low and produce 5 waves up on the hourly chart to give support and confirmation that minute wave 5 is now underway.  Expectations for minute wave 5 would include at least an extended wave – most commonly found within wave 3.  It has not been unusual though, that more than one of waves 1, 3, and 5 will extend.  Each would be expected to subdivide into its own 5 wave pattern, but within that structure wave 3 of 1, 3 of 3, and 3 of 5 could possibly also extend by breaking into its own 5 wave structure.  Remember the wave principle is based on building blocks starting from the smallest degree all the way up to the largest.  As a word of caution most analysts, (myself included) can tend to count to quickly. For tomorrow look for additional upside moves as wave 1 of 5 continues to form and build.  Pull backs should be less damaging to the overall advance.  A break back below today’s low at 4434 would most likely negate an advance reaching new highs and support the advancing sequences being complete at the current all time high at 4549.