Monday’s trade was a continuation of the “year end” rally albeit under lighter volume.  The ES cruised past 4743 without any hesitation as well as 4755 and 4765 reaching a high at 4784 before dropping back as Globex begins.  I’ve updated the Elliott count where the “alternate count” is back into “preferred” status.  The chart labeling has been updated and shows that within the Minor wave 5 advance that began off of the 4520 low from December 20th has likely completed minute waves 1, 2, and 3.  This suggests the market is likely to put in a 4th wave correction before picking up the march to additional new highs.  I have update the Fibonacci extensions for the resistance zones for Minor wave 5 and have also included Fibonacci retracements for the minute wave 4 correction.  Wave 4 has potential to drop the ES back towards the hourly 50 MA which is at 4715.  Fibonacci support for the move is just below at 4704 to 4700.  Upside targets for the continuation of the advance comes in at 4812, 4854, 4892, and then 4993.