Wednesday’s trade saw the battle lines being drawn between the buyers and sellers.  The ES saw some initial follow through to the downside on the opening but once the hourly 50 MA was tested at the morning low at 4465, the buyers moved in and rallied the ES to 4494.  Thus the battle line was drawn at the hourly 50 MA at 4470.  The 4470 level was tested before breaking below in a more convincing manner with the sellers moving in and pushing the ES to session lows at 4446 into the close.  I still can’t definitely call the top of Minor wave 2 at the 14691 high.  At best currently the high may be in with Minor wave 3 in its beginning stages with the market possibly tracing out a first and second wave.  If this is the case we should see the sellers again take control of the market and push lower.  The next line in the sand so to speak will be at the daily 50 and 200  MA’s  which are grouped together at 4413.  There are several price point support levels on the way down, but nothing that should prevent a continuation if the sellers are in control.  Upside the buyers would have to crank up the stakes somewhat and move the ES back above the hourly 50 MA and then back above the 20 MA and resistance at 4500 and then again at 4514 and then 4423.  Be open to the movement and trade smart.  The volatility is producing profitable swings.