Tuesday’s trade was extremely volatile in the speed at which the markets moved in both directions.  The ES started with a small rally followed by a dip back towards the 4138 low from the Globex session.  The blast out off of the low took the ES from negative to positive over 75 points.  The move itself produced a 3 wave structure which is what I was looking for.  However, when I attempted to accept it as a 4th wave it was too big.  Taking a step back I reworked the labeling and have made adjustments to reflect what I believe the ES is doing.  Therefore, the 4138 low is now the completion point for the minute wave 1 with today’s 4275 high being the completion point for minute wave 2.  So, here we are again at the juncture of a larger accelerated decline.  The highs were rejected by the market twice with the close being back below 4160.  I have updated the Fibonacci extensions to reflect the probable path for minute wave 3.  Support for the decline begins at 4136, 4103, 4078, 4056, and then 3996.  The lower end of the zones is where I believe minute 3 will complete.  The larger Minor wave 3 in force is likely to find support to complete at 3935, 3890, 3824, and then 3718 to 3635.  With the volatility likely to continue to kick up several notches be careful on trades. The swings are quick and larger than usual.