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Daily index charts showed new swing highs yesterday and then a relatively sharp decline in comparison to recent downside corrections. We're still holding 45 minute support, and the current swing low coincided with timing for the possible termination of a corrective decline on the 45 minute ES chart yesterday afternoon. There are still outstanding downside targets on the 45 minute charts, for example the ES 1016.75 (rounded up) target extension visible on the 45 minute timeframe. It remains to be seen whether we'll resume the decline as we clear intraday timing low factors at the open today, or whether the timing put a hold on any further decline. Since we're still in the strongest daily high timing, these 45 minute factors are pivotal. In order to confirm that the daily timing is going to bring us more than just a minor speed bump on the way up, we'll need to see a continued breakdown on the 45 minute charts. Timing lows intraday should bring little more than temporary obstacles to further downside progress if the higher timeframe high timing is to have any longer lasting influence. This week should be important in determining longer term trend!
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