Wednesday’s trade didn’t produce any major revelations in terms of the Elliott count or labeling.  The NQ continued to trace out the minute 4th wave correction in progress off of the 16659 high from yesterday.  Thus far, I can count a 3 wave pattern down which suggests that today’s 16387 low may be the completion point for the correction.  However, I don’t have confirmation just yet via a quick 5 wave advance on the hourly chart.  Thus far at best I can count only 3 waves up off today’s low.  The NQ would need to hold above 16414 to keep the 16387 low as the completion point for wave 4.  A break below would open up another stronger push down with support coming in at 16254 which is Fibonacci support and also where the hourly 200 MA is currently sitting.  Should the minute wave 4 correction be complete the NQ should pick up the pace to the upside by breaking and holding above 16500 and then above resistance at 16586 and then 16659.  Expectations remain for the NQ to move to new all time highs above 16768 with resistance remaining at 16845, 17035, 17213 and then 17683.