After viewing all the good responses that I received and thoroughly checking and / or acting on them, I still could not isolate the issue. Finally, took it to my local trusted mechanic. The issue was not the strut bearings, or any suspension issue. Nor was the fluid level, power steering pump, hoses conveying the fluid from the pump to the steering rack, nor the rack itself the real issue. There is however 2 CV joints in the actual steering column, one inside the vehicle ( compartment side of the fire wall) and one outside under the hood exposed to the elements. Needless to say, the outside CV steering column joint was the culprit. My mechanic had the old CV joint on the counter when I picked up my V70 T5 after it was repaired. I could NOT even revolve it with my bare hands!! I cannot imagine what would have happened if I let it go any longer!! $265.63 was the total cost so I felt I got off easy on this one! Thanks for all the great responses!!