No sooner than the market opened, ES started to test the mS area at 1931 with in the first hour of trading this area started to break and it was all over, the shorts came in and they sold it off hard taking out MS and another support area at 1892 before closing near the low of 1878. I'm not exactly sure where to put the mR line now but I believe it should be at 1896, this will be the area that sellers should come back in to continue the new downtrend lower. I'm going with the 1896 area for now but I may have to adjust it depending on price action. I have the next lower target at 1852 and the next one is way down to 1813. I'm not sure if we will hit these lower targets, but the market seems to have further business to do down at these lower levels...
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ES 01132016 pm
