Wednesday’s trade followed current analysis in that the market appears to have completed the initial 5 waves down and I have labeled that as Minor wave 1.  The rally off of yesterday’s low at 4425 was the beginning stages of a Minor wave 2 bounce.  The entire structure will contain an a-b-c or 3 wave pattern.  Thus far it appears that waves ‘a’ and ‘b’ are complete with wave ‘c’ still unfolding.  C waves are always 5 wave structure and that is what I’m looking for to complete the correction.  Second waves can and often are deceptive in that they can retrace nearly all of the preceding wave and currently that would be the Minor wave 1.  Therefore while there is continued resistance at 4487 and 4501 to 4512, the ES has the potential to advance back towards the all time high at 4549.  The internal structure of the rally off of today’s low at 4427 though suggests that resistance between 4487 and 4501 should contain the move.