Tuesday’s trade saw an additional jump in volatility and acceleration as “3rd” waves rolled across the markets.  As I said yesterday, a break above 4610 on the hourly chart would negate the downside move to under 4550.   I have also updated the labeling and the Elliott count to reflect the changes confirmed by the markets today.  With Friday’s lows marking the completion points for Minor 4th waves in the NQ and ES, the rallies in play now are all a part of Minor 5th wave rallies to new highs.  The ES added 105+ points to the rally today! What will be important also at this juncture is not to stop and attempt to figure out the “why, who, what, when or how!” The markets have let us know – so unless there is a major disturbance to the “force” we appear to be headed for new all time highs.  Bear in mind that while we would think that pullbacks would be shallow, the fact that the volatility has been pumped up several notches, would also include any pullbacks.  Currently the ES has exceeded Fibonacci resistance at 4674 and has buffeted against the 4700 level.  There should be additional resistance at 4708 to 4719 before a pull back would be expected.  Elliott guidelines tells us that most corrections will reach into the price territory of a 4th wave of one lesser degree – that gives us a parameter to wrap around the expected pullback.  That level currently is at the hourly 8 MA at 4675 with the low of a small wave 4 being 4666.  Fibonacci support is below at 16180 and then 16062 both of which I can’t rule out but I not necessarily expecting to move that low.  The favored zone which could mark the completion point for the rally is above at 16886 which is a Fibonacci resistance level.