Tuesday’s trade was reminiscent of “Groundhog Day”, with the decline following with thru and producing a new low about mid way into the globex session.  The subsequent bounce off the low brought prices higher into the U.S. open.  The opening levels were quickly rejected and the downside resumed for the balance of the day.  I’ve adjusted the current Elliott labeling, which still favors a larger move down with acceleration still due next.  Current analysis remains in place as laid out in tonight’s update.  However, if that type of move doesn’t materialize it doesn’t necessarily negate the downside it would though postpone or delay the inevitable until a larger “B” wave completes.  The labeling would then follow the “Alternate” view – where instead of an Intermediate wave 1 and 2 it would read Minor wave A and B with the recent low marked as Minor wave one would be read Minor wave C, which will have completed an Intermediate wave A.  Therefore the rally off the 4260 low to the 4422 high would be Minor wave A of Intermediate wave B.  Yes, it can get confusing but should it be in force I will go into greater detail and update the labeling to reflect it.