Monday’s trade fell in line with last evenings update in that the ES did move up into the resistance zone with 4472 marking the completion of the rebound rally off the 4293 low.  I have adjusted the Elliott labeling and have shifted the Intermediate degree labeling to the ES putting in an Intermediate degree 5 waves down.  I will also be running the “alternate view” which as previously shown suggests that the low at 4293 complete an Intermediate wave “A”.  For now though I am labeling that low as the completion point for Intermediate wave 1 and the Globex high at 4472 as the completion point for Intermediate wave 2.  That then suggests that the decline now in progress in an Intermediate wave 3.  Whether it is labeled as a 3rd wave or a “c” wave, the characteristics remain the same. Both would be expected to show more acceleration, contain a ‘point of recognition’ within wave 3 of 3, and should produce a new low under 4293.  I have included Fibonacci extensions for levels of support for the decline in progress.