Tuesday’s trade was a surprise lesson in volatility, intensity, and distance.  The NQ did slip under 13000 during the Globex session reaching a low at 12942.  The market did begin to rally immediately off that low and started to pick up steam as the U.S. session approached.  Initially, I thought the bounce in progress should be on the small side with the markets turning lower again to complete another leg down within the current count.  That as we now know didn’t happen.  The markets continued to rally for the entire session producing just one red bar and nine green bars in total on the hourly chart off the 12942 low.  It was an impressive feat to watch in the face of what the market is anxiously waiting for and should receive tomorrow.   The FED decision will be revealed at 2 PM EDT.  As far as the NQ goes, I suggest allowing additional upside to reach next resistance at 13507, (the hourly 200 MA), and 13512 to 13592 both Fibonacci resistance levels.  Currently I have adjusted the labeling to show the low at 12942 as the completion point for the subminute wave 1 with subminute wave 2 still in progress.  Wave 2 cannot break above 13865.  Should that occur it would negate the current count and returns us to the Alternate View, which remains as the Minor wave 2 still be in progress and if that is the case expectations would be for the NQ to eventually get back above 14000 and closer to 15000 before Minor wave 3 would be expected to begin.  Downside scenario  – if 13592 contains additional upside with the market turning and heading lower — expectations would be for it to move quickly and decisively  – without pause  and without buyers attempting to get back in — Volatility will skyrocket and the NQ would be expected to break below 12941 very quickly.