Thursday’s trade was fast and furious and hopefully profitable for everyone.  The NQ did manage to hold higher levels as it waited for the release of the latest CPI figures along with the latest Jobless Claims numbers.  Both pointed to higher inflation, in fact the rate showed that inflation has reached 7.5% which is the highest rate in the last 40 years.  That seemed to surprise the NQ as the market tumbled an initial 330 points. As the U.S. session got started the NQ rallied back to 15029 before starting to decline again.  Once Fed Governor Bullard issued a statement that “The Fed should raise rates 100 basis points at the next meeting,” the NQ took a more serious tumble.  I have updated the labeling and have left the completion point for the Minor wave 2 correction at the 15068 high.  That suggests that the NQ is now in the beginning stages of an Minor wave 3 decline.  Within the decline it appears that minute waves 1 and 2 are complete with today’s decline being the start of a larger “3 of 3” move.  This is where we should see increased acceleration and depth as the “point of recognition” takes over.  Support for the NQ remains at 14619, 14513, 14435, 14363, and then 14170.  Ultimately I suspect the Minor wave 3 may reach as low as support at 13616.  The larger Intermediate wave C carries stronger potential over the mid-term of breaking below 13000 and 12500 and finding initial support at 12188 to complete the move, but also has potential to drop below 12000 reaching support at 11464 to 11016 before completing.