Sunday’s Globex opening was a huge gap lower in all the markets — the ES gapped lower 128 points and has managed to retrace about 50 points.  I have changed the labeling for the ES within Intermediate wave 3. Last Thursday’s lows at 4101 were labeled as the completion point for Minor wave 3 with a Minor wave 4 in progress.  The strength and height on Minor wave 4 did not break any rules but it was not “feeling” correct.  So, I have labeled the 4101 low as the completion point for Minor wave 1 of Intermediate wave 3. Friday’s high at 4385 then becomes the completion point for Minor wave 2.  This then suggests that the gap lower opening on Sunday is the beginning stages of Minor wave 3 of Intermediate wave 3 — or a “3 of 3” move.  I’ve also added Fibonacci extensions to put some parameters around the decline.  Support begins at 4270 which was smashed on the gap lower opening.  Below the 4251 low next support comes in at 4200, 4143, 4086, 4044, 4005 and then 3902. Ultimately the strong potential for Intermediate wave 3 to reach support at the 3605 area remains strong.  With the strong jump in volatility expect bounces to also move quick and further than expected.  Use the MA’s for guides in both directions.