Here is an hourly chart of day session e-mini trading. I went long this morning figuring that there was a reasonable chance that yesterday's low ended the correction. But sellers took over the market and as you can see the ES has dropped to 1075, the first target level I pointed out a couple of days ago. At 1075 the drop from the 1148 top is as big as the October-November 2009 reaction from 1099 to 1026 (blue dash rectangle). At the secondary target of 1057 (solid blue rectangle) the current correction would equal the June-July 2009 drop.
I think the ES is about to begin a sustained rally. The first bullish sign would be a move above midpoint resistance (purple dotted line) and the descending red dash trend line.
As you know I think the ES will reach the 1200 level in the next couple of months.