Monday’s trade was very much in line with yesterday’s analysis.  The ES fell into the support zones discussed on yesterday’s update – in fact the ES exceeded support at 4630 and 4605 before reaching the low at 4572.  The bounce off of the low was exactly what I was looking for to give some support to the low being the completion point for the Minor wave 2 correction.  I have updated the charts to reflect the end of Minor 2.  The resulting rally traveled 72 points off the low and was stopped by the closing bell.  What I look for from here is the formation and completion of a 5 wave advance on the hourly chart. Thus far as discussed it appears that only 3 waves are complete thus far. Expectations would be for the ES to put in a small 4th wave correction followed by a 5th wave advance moving the market cleanly above 4680 to 4700. Should the ES break back below 4609 it would leave 3 waves up off of today’s low and again put a negative pall over the ES.  Should it occur the ES would likely be on the way to the daily 200 MA which is at 4381.