By counting the number of trading days in prior corrective declines during the rally from the March lows, and multiplying these counts by specific Fibonacci ratios, 2 dates show as standout candidates for a low pivot to be established in this current decline. Yesterday, June 17th, was the first possibility, and if the current daily low doesn't hold we're looking to this coming Monday, June 22nd.
On the ES (electronic S&P futures) daily, we have a hold at price symmetry from prior corrective declines within the first timing parameters. If this low doesn't hold, the next key support level is the .786 retracement from the prior swing low to the current high. A close below that would bring a much more substantial downside correction. But for now, time and price lows are holding:
An identical support scenario is in place on the YM (electronic Dow contract):
With an even stronger support scenario in place on NQ (electronic Nasdaq):
On the 45 minute charts, yesterday saw a hold at time and price resistance on ES and YM, with a possible reversal pattern forming to upside on NQ. I've indicated upside initial upside targets on these charts should the rally continue this morning, now that we've cleared the time resistance factors on intraday.
ES, 916.75 -917.50 initial target. Reaching this zone would also put the contract in jeopardy for failure once again as this would form a Gartley resistance pattern:
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8530 is the similar target on YM, and while neither YM or NQ show this special resistance pattern, very often the broader market S&P will influence the other stock indices.
1474 initial target on NQ. Again, these targets are in place if we can see a rally through intervening resistance this morning. While they're relatively close by, the main point is to see if we can break through those targets as an indication that we're not just seeing a corrective bounce in the context of a downtrend.