Friday’s trade continued the high volatility and profitable trading trend and here’s hoping it continues for another week or so.  Apple’s earnings gave the stock a strong boost on Thursday which did continue into Friday’s trade.  The overall trend for the day was basically up and the last ten minutes of trade so a very strong push with the NQ jumping up over 100 points.  Nonetheless, while it remains possible for the upside to continue it is likely to be limited to the 14640 area and not be the start of a stronger upside move.  I present both the upside and downside views for Monday’s trade and either would still fit the current Elliot count.  The NQ may still be in the process of tracing a more complex minute wave 4 correction and if this is the case an additional rally would likely be the finishing move on the second “C” and likely complete the wave 4.  The downside scenario suggests that the high at 14639 remains the completion point for the minute wave 4 correction with a minute wave 5 leg down underway.  Within wave 5 the NQ has completed wave 1 of 5 at 13844 and wave 2 of 5 at 14475 the current globex high.  If this is the case wave 3 of 5 is in progress now and expectations would be for the NQ to begin to accelerate lower breaking the hourly 8, 20 , and 50 MA along the way.  Support comes in at 13759, 13706, 13683, 13488, and then 13216.