Monday’s trade was again full of volatility in both directions.  Yesterday I talked about the possibility that the ES was either ready to drop heavily off the proverbial “cliff”.  The alternate view was that the ES could be tracing out a complex series of 3 wave declines.  Tonight I have updated the chart to reflect the alternate view.  The rally that began right from the start of Sunday’s Globex session.  That rally continued from the opening with the Dow leading the way.  Interestingly, it was brought to my attention that the four major indices, (Dow, S&P, NASDAQ 100, and Russell 2000) had all put in a bottom on Friday.  This gave me another opportunity to refer to the alternate view and to add some structural changes.  This is now reflected on the hourly chart that the ES under the alternate view picks up a 50% probability of moving again to all time highs.  I’ve laid out the Fibonacci retracements for the preferred account should the ES be rallying in a “B” wave and I’ve laid out the Fibonacci extensions should the ES be rallying in a Minor wave 5 advance.  I also include the “no break” level at 4550.  Should the S&P break below that level it would likely negate the upside for right now.