Monday’s trade again towed the line with the ES making an additional new high during Globex at 4619.50.  I’ve updated the Elliott labeling to reflect the completion of wave 3 of 5.  The ES dropped quickly after the US opening creating a “kiss and run” on the hourly 50 MA at 4589, the low was 4586.  At the moment I’m labeling that as the completion point for the small 4th wave correction.  However, also at this juncture I need to leave open the potential for wave 4 to still be unfolding.  If this is the case the ES will reverse lower to complete wave 4 with expectations for support at 4586 to 4577 to contain it,with an allowance for overflow selling to drop the ES towards Fibonacci support at 4570.  The other side of that coin is for the ES to pick up the advance in the context of a continuing 3rd wave up.  If this is the case it should not be a problem for the market to break above 4619.50 and head up towards next resistance at 4623 to 4631 with potential for an extension reaching resistance at 4637 to 4644 or as high as 4650 to 4660.