E-Mini S&P Future Is Down 2.83% at 1123, New Lows Coming?

The December E-mini S&P future is down 2.83% right now at 1,123 pre-open. It is clearly in the next wave down and needs to desperately find a support level. The 8/9/2011 low was 1,077. You can see the downtrend line that ES needs to break for a bullish reversal (and 1,217 retest). Is 1,000-1,100 in the cards? Not sure what's up, but proceed at your own risk!

chart snapshot courtesy of optionsxpress