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 today’s low at 15307 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 15534 to 15567, the NQ has the potential to advance back towards the all time high at 15709.  The internal structure of the rally off of today’s low  though suggests that resistance between15534 and 15567 should contain the move. Also included tonight I am including a discussion on Elliott wave as I walk through my process of determining what position the market is in and what the waves are telling me.