Thursday’s trade was again volatile and profitable.  Not as easy to trade though with today seeing many quick pushes lower and higher.  The Elliott count I’m currently tracking remains the same in that yesterday’s high at 4446 remains the completion point for the Minor wave 4.  This then suggests that the a Minor wave 5 decline is underway with last night’s Globex low at 4263 being the completion point for wave 1 of 5 and then rally to today’s high art 4422 being wave 2 of 5. If this remains the case, the ES is now declining in wave 3 of 5.  There is a caveat though and that is AAPL’s earnings were reported today and while they didn’t necessary “blow the doors off” APPL did beat expectations on revenue and EPS.  The stock did rally back to 168 with the ES reaching 4352 as Globex gets underway.  The alternate view I’m tracking allows for the Minor wave 4 to still be in progress and now forming a “double A-B-C”.  If this is the case the 4446 high would be the completion point for the first A-B-C with the decline to the Globex low at 4263 being the “X” wave.  The rally to today’s 4422 high would be the completion point for the second “A” wave with the second “B” wave complete at today’s 4298 low.  Wave “C” then is now underway and carries the potential for break above 14422 and on up towards the 4446 high and the hourly 200 MA at 4448.  The market should make that clear for us tomorrow.  Support and Resistance is again included in tonight’s update.