Thursday’s trade was amazing, extremely profitable and very much in line with current analysis!  The ES dipped below 4520 during the early globex session just before launching higher in a rally that did follow thru into the beginning of the U.S. session.  The rally itself ran into stiff resistance back at the 4593 area which did hold.  The ES flipped at that point and began to decline.  I’ve updated the Elliott labeling which does show that the ES remains in the process of tracing out a Minor wave 3 of the initial 5 waves down off the all time high at 4808.  Within Minor 3 the ES has completed minute wave 1 -4 the Globex high at 4594 marks the completion point for wave 4 of 3.  The collapse off of today’s 4594 high was the start of wave 5 of 3 and it was picture perfect.  I have discussed previously that at 3 of 3 move is where the market will begin to accelerate and that acceleration will intensify as support and moving averages are broken.  That is exactly what took place this afternoon.  The ES went from being up 60 points to being down over 100 points as I write this. We have dropped into another “black hole” where we have to go back to October’s trade to find price support.  That leaves a big gap with next Fibonacci support coming in at 4412 and then 4357 to 4336 .  The door has been opened for a continued slide to break below 4300 and I discuss this possibility on tonight’s update.