Friday’s trade continued to be volatile and profitable with the ES reaching session highs within the first hour of trade at 4520.  It basically was all downhill from that point with several rounds of strong selling throughout the balance of the day.  Current analysis continues to show the ES being in the process of tracing out a Minor wave 3 down.  Within wave 3 there will be at least one extension which is in progress now off of the Globex high on Thursday at 4583.  Currently the ES is best viewed as tracing out a small 4th wave bounce as Globex gets going on Sunday, with new lows under 4393 likely before the U.S. begins to trade tomorrow morning.  I discuss the degree the ES is dropping in and how that compares to what we have seen thus far.  The ES still has a fair amount of downside to cover before the Minor wave 3 is complete support comes in at 4393 to 4383, 4358, 4349, 4336, and then 4293.  Once complete expectations would be for a Minor 4th wave bounce and an additional Minor 5th wave down. Ultimately to complete the larger Intermediate wave 3 down the ES  support comes in at 4288, 4238, 4217, 4185, 4165, 4117, and then 3990.  At this stage I can’t rule out a break below 3990 with a continued slide lower with support then coming in at 3849, 3799, 3762, and then 3621.