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As discussed yesterday, Fibonacci Price and Time analysis pointed to a possible hold of Wednesday's low. These factors were calculated by measuring the degree and duration of prior corrective declines since the March lows, and projecting forward from the high put in earlier this month on each contract. If the pattern of higher highs/higher lows were to be maintained on the daily charts, Wednesday was the first key date for the rally to resume. As you can see from the charts below, there are actually stronger timing cycles (ES and YM) pointing to a potential low for next week too. This doesn't mean that the timing cycles will pull price lower; it's means that if we see the current swing lows break, any support levels will be reinforced next week too for the potential of an even more solid hold and launch to new daily swing highs.
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