Wednesday’s trade was chock full of volatility and accelerations.  I have updated the Elliott labeling to reflect today’s moves.  To recap, the ES continues to track lower in the initial 5 waves down on an Intermediate degree.  That implies there will be 5 waves of Minor degree.  Thus far the ES has completed Minor waves 1 and 2, with wave 2 completing at the 4716 high from last Thursday.  From that high Minor wave 3 began.  Thus far within Minor wave 3, the move is subdividing twice.  Minute waves 1 and 2 are complete,with wave 2 finishing at Monday’s 4667 high. Tuesday’s low at 4557 finished subminute wave 1 with today’s high at 4651 completing subminute wave 2.  The drop off of 4651 to today’s 4497 low appears to be the completion point for subminute wave 3.  Therefore, to complete the larger Minor wave 3 the ES will need to put in 2 series of 4th wave bounces and 5th wave declines.  Additional support for the move comes in at 4475, 4443 to 4430 and then 4400.  The volatility has increased in both upside and downside moves suggesting swings higher will have some power behind them.  Trade smart – use the moving averages for entries and exits – use the Fibonacci extensions for support and resistance levels – check in the Elliott for progress on the moves.