Of course Ellis' demotion to the AHL changes that a bit. At this point you might want to consider passing on Ellis in your upcoming fantasy draft. If you already drafted him in a deeper league, Ellis may be worth stashing away to see if his stay in Milwaukee may be only a brief one. Otherwise you probably want to consider sending Ellis back to the waiver wire.
Though he may not be relevant fantasy-wise right, now don't let Ellis slip off your radar. Despite his small frame, Ellis is a big talent and when he is promoted back to Nashville he could be a solid option at a thin position. With his scoring capabilities it may be tough for an offensively challenged team like the Predators to keep Ellis in the minors for very long. Expect his return to come quickly and, when it does, Ellis could eventually see some time on the power play and his scrappy style could contribute some PIMS.
As a result, though Ellis' demotion is disappointing news to fantasy owners, there may be a silver lining. When the season rolls on and injuries inevitably start to pile up Ellis could be returning to the NHL just in time to help solidify your blueline.