Tuesday’s trade was very similar to Monday’s in that the ES continued to climb higher breaking resistance along the way.  Tuesday saw the ES break above and close above Fibonacci resistance at 4511 and while the market may seem overbought it doesn’t appear that pullbacks will be deep.  In fact thus far over the last 7 days, the ES has underperformed when it came to pullbacks.  I suspect this will remain the case until more component companies report their earnings.  The probability weighting on break to new all time highs has also rise, (55 to 60%) and I feel more confident that it will break above 4549 before wave 5 of “C” is complete.  I have updated the Fibonacci retracements for the larger “B” wave in progress off of the 4260 low and discuss the overlap on the way higher.  Ultimately, the ES now carries stronger potential for the rally to reach above 4600.  That level of course will be more defined as the move continues.