Thursday’s trade was a bit less volatile then Wednesday but still had strong moments of very quick price movement in both directions.  The labeling for the NQ remains the same in that the closing high from Wednesday completed minute wave 2, with the minute wave 3 decline now underway.  If this is the case, the morning low at 13396 likely completed subminute wave 1, with the rally off the low possibly finishing up the small subminute wave 2.  Next up then would be a “3 of 3” type move in that subminute wave 3 of minute wave 3 of Minor wave 3 would be in force.  For tomorrow though, we still need to allow for additional upside to complete wave 2.  A break back above the hourly 200 MA would begin to suggest that the larger minute wave 2 was still in progress and would then include another high above 13814 — upside resistance comes in at 13897 and then 14009.  If though, the NQ continues to decline breaking below the cluster of moving averages just below 13572 it would begin to support that wave 3 has begun.  Support that should be broken on the way down begins at 13325, 13173, 13103, 13023, 12911, 12808, and then 12534.  Ultimately, the larger minute wave 3 has potential to drop the NQ below 12500 with additional support at 12232, 12045, and then 11743.