I did not get a chance to update my blog yesterday where the ES had broke out above the 1857 level but by the afternoon this level failed to act as the new floor. Overnight price crashed through the 1831 level of MS and headed lower to our T1 target of 1802. Now price has bounced back up to our 1831 level which acted as expected as price rolled back over and now has headed lower back down to our 1802 level. If the new downtrend will continue, expect the 1802 level to break and we should head down to the 1776 level our T2 level. This hourly chart has been tricky so I've had to keep my focus on the daily chart which is currently in a downtrend....
ES 02112016 mid day
