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really, brake problems could be really serious. I recommend taking it to an ASE certified mechanic at once.
my worst brake problem was a sheared o-ring in the master cylinder of this old 3ton car I used to have long ago. i signalled right and was about to turn but the brake pedal hit the floor with no brake effect at all so I just went straight (no choice). after a few pumps it worked perfectly - but I drove no more than 2 miles on it before changing the master cylinder. I took it apart and i saw that one of the o-rings in the piston had a perfect geometric chord on it. To make things worse, it was a dual master too.
if the fluid is low that could be from worn disk brakes because brake fluid makes up for brake wear within those systems. my brake fluid was low too the other month, so I bleeded the brakes (they were dirty) and measured the thickness of the rotors and pads and they were almost totally worn down (.001 over)
add very clean fluid, brand new dot3 and don't get no dirt in the fluid. then take it to your mechanic
fyi, that is NOT and e-brake light, it is a brake trouble light and it's primary purpose is to indicate a brake fluid problem
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