Tuesday’s trade returned to strong volatility and moves in both directions.  I have updated the labeling which brings the ES and NQ back in sync with regard to their respective Elliott counts.  The December 12th high at 4723 is now the completion point for minute wave 1 of 5, with today’s low at 4596 being the completion point for minute wave 2 of 5.  This suggests the strong rally off the low is the initial first leg up of minute wave 3.  Remember 3rd waves are most often the longest and strongest wave within an Elliott impulse pattern. Tonight I also discuss what to expect if the structure underway is indeed a 3rd wave.  Also included are Fibonacci extensions for the upside move.  I spend some time initially detailing a downside move from current levels — Tomorrow there is a FED announcement at 2 PM EST with the Fed Chair press conference at 2:30 PM EST.  Expect a strong reaction and understand it could very quickly fly off in either direction.