Tuesday’s trade gave the saying “turnaround Tuesday” a new meaning.  The ES turned and rallied strongly once the CPI number was released and showed inflation has reached 8.5%, but as I’m told it came in under expectations.  Talk about rallying on anything today’s reaction would be high on that list.  Nonetheless, the ES raced to an intraday high at 4466, with the secondary top coming in 4462 before the sellers figured out there was a “fox in the hen house making chicken omelets.” The ES declined for the balance of the day reaching a new low under 4382, from last night’s Globex session.  Today’s session low was 4375 which gives support to the count and that the larger sequences of 3rd wave declines is continuing.  Support levels for the minute wave 3 come in at 4347, 4326, 4294, with Intermediate wave 3 support at 4361, 4277, 4194.  Ultimately, Intermediate wave 3 carries the potential to drop down to 3488 before completing.