Tuesday’s trade saw an additional jump in volatility and acceleration as “3rd” waves rolled across the markets.  As I said yesterday, a break above 16000 on the hourly chart would negate the downside move to an additional low under 15538.  I discuss this in tonight’s update.  I have also updated the labeling and the Elliott count to reflect the changes confirmed by the markets today.  With Friday’s lows marking the completion points for Minor 4th waves in the NQ and ES, the rallies in play now are all a part of Minor 5th wave rallies to new highs.  The NQ added 520+ points to the rally today! What will be important also at this juncture is not to stop and attempt to figure out the “why, who, what, when or how!” The markets have let us know – so unless there is a major disturbance to the “force” we appear to be headed for new all time highs.  Bear in mind that while we would think that pullbacks would be shallow, the fact that the volatility has been pumped up several notches, would also include any pullbacks.  Currently the NQ has buffeted against resistance as it hit the high at 16374.  A pull back would be expected.  Elliott guidelines tells us that most corrections will reach into the price territory of a 4th wave of one lesser degree – that gives us a parameter to wrap around the expected pullback.  That level currently is at the hourly 8 MA at 16256.  Fibonacci support is below at 16180 and then 16062 both of which I can’t rule out but I not necessarily expecting to move that low.  The favored zone which could mark the completion point for the rally is above at 16886 which is a Fibonacci resistance level.