Tuesday’s trade was a bit slower volatility wise but still profitable.  The ES did maintain the upside move with the market break above 4500 and the close above 4550.  Once GOOGL reported earnings exceeding expectations by over $4 and the stock rallied over 200 points the ES jumped above 4550 reaching 4555.  I have updated the count and labeling based on the move putting the completion point for the Intermediate wave1 decline at the low from January 24th at 4212.  As I discussed on last night’s update Minor wave 4 had not broken any rules per se, but the structure and feel didn’t look or feel right.  The underlying strength was building on the anticipated earnings reports which then proved to be well founded.  In any case, Intermediate wave 1 is complete and an Intermediate wave 2 correction is now underway.  Within wave 2 it appears waves A and B are complete with the ES moving higher in wave “C” of 2.  The ES has powered through resistance at 4496 to 4500 and is pausing at next resistance at 4552.  With the countertrend advance still underway expectations are for a move to next resistance at 4585 before an additional pull back would be expected.  Ultimately the ES has potential to reach resistance at 4641 to 4661 and then 4730.