Wednesday’s trade saw volatility get kicked up a few notches which again produced another awesome trading day.  The ES ended up rallying right off of the closing low made during yesterday’s update.  MSFT found a strong bid and pushed back towards 300 as Globex began.  The ES did manage to rally back to the 4400 level which did clear up the Elliott picture.  I have adjusted the labeling to reflect the end point for the Minor wave 4 correction which is now at today’s 4446 high.  This then suggests that Minor wave 5 is now underway.  I’ added the Fibonacci extensions for the expected move now underway.  Support at 4319 was touched today and remains valid moving forward.  Below that level we drop back into a “black hole” in terms of support and as seen on Monday the ES slide to next support at the 4200 level.  That remains next support with the zone being 4242, 4212, and 4179.  Ultimately the NQ could drop to Fibonacci support at 4117 to 4028.  A break below 4000 while possible would push support at 3915.