Monday’s trade fell in line with last evenings update in that the ES did move up into the resistance zone with 15399 marking the completion of the rebound rally off the 14807 low. I have adjusted the Elliott labeling and have shifted the Intermediate degree labeling to the NQ 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 14807 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 15399 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 14807. I have included Fibonacci extensions for levels of support for the decline in progress.