Friday’s trade did not pan out as much as I expected considering that Thursday’s low marked the completion point for the Minor wave ‘b’ of Intermediate wave 2. This suggested that the ES would rally as Minor wave ‘c’ of Intermediate 2 began. The ES ended the week closer to Thursday’s low at 4444. Both scenarios then remain in play — however, I believe the ES is at the point where likely during globex the decision will be made as to whether the ES will continue lower picking up volatility and acceleration. Support remains at 4368 and this level remains critical to the near term picture. So for now both the preferred and alternate views remain valid with the market likely making itself clear — an upside break has to be with some power with the ES breaking back above 4500, 4550 and then 4600, without much hesitation or resistance. Downside should be presented in the same fashion in that the ES would be expected to break quickly and decisively towards 4368. Should that level not hold with the ES sliding through it would be very strong in favor of the Intermediate wave 2 being complete and the Intermediate wave 3 decline being in complete control.