by Avi Gilburt, ElliottWaveTrader.net
Tuesday November 12th 2013
With the market breaking 1760ES support, it has opened the door to more downside. At this time, both the ES and the TF are set up in very bearish patterns. In the ES, until it can break back over the 1768ES level, it is poised to head down to the 1740 region. This will either be wave (1) in red, or the bottom of green wave ii in the more bullish count. How the market moves off that region will tell us the rest of the story.
For now, if the market is able to move over the 1768ES level, then that is signaling to us that it wants to attack the 1787ES region next.
So, the overnight action tonight will likely be very important. Know where your stops are if you are trading futures.
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