Wednesday’s trade mirrored Tuesday’s in that the NQ ran to new all time highs while the ES failed in its rally attempts and moved lower with some acceleration during the last hour of trade.  I have updated the Elliott labeling which reflects yesterday’s 4590 high as being the completion point for the Intermediate degree “B” wave.  This then suggests that the ES is in the initial stages of an Intermediate degree “C” wave decline.  If the included labeling follows thru – it would point to additional rounds of selling as the ES falls off of the proverbial “cliff.”  Having said all that I can’t rule out the ES turning and again heading higher in an attempt to break to new highs above 4590.  There are several resistance levels along the way and if this is on the ‘menu’ for tomorrow the buyers should be able to over power the sellers to prove their intent.  Downside support price wise comes in at 4538, 4528, 4522 and then 4516, which is also where the 200 MA sits on the close.  I also give additional downside support levels for wave “C”.