With the decline today from the resistance we have been watching, the market is potentially set up to begin the wave (3) down. Ideal targets for yellow wave i of (3) is 1652ES (.382 extension), or as deep as 1633ES (.618 extension). That would mean that tomorrow must see VERY strong downside follow-through in the ideal scenario.
However, we also have a possible green iv we are watching, which would not likely break through the 1668-1672ES region based upon the current set up at the end of the day. Therefore, again, the 1668ES level is a key level to break for initial confirmation, but 1651ES is the major key we are watching.
Again, please remember that these are now on the DECEMBER CONTRACT!!!