Wednesday’s trade was productive in terms of advancing the current Elliott count.  The ES continues to trace out the minute wave 3 of Minor 3.  Within minute 3 the ES complete the smaller 3 of 3 move during the globex session reaching 4535.  From that level and into the U.S. open the ES rallied back to the hourly 50 MA at 4602 to complete wave 4 of 3 before heading lower to start wave 5 of 3.  The 4520 level was broken this afternoon which does give additional support to the larger degree advances being complete at the all time high at 4808.  Expectations for tomorrow would be for the decline to continue with support at 4503 next up.  That level has been expected to hold and possibly mark the completion point for minute wave 3.  At this juncture though, the decline may pick up some speed and slide through 4503 and begin to head for support at 4447, 4413, and then 4357 to 4336 before all is said and done.