During yesterday's session, price held at the key 45 minute support levels discussed yesterday. We were also able to pinpoint Fibonacci timing lows during the trading day which helped to show which price levels were most likely to hold.
Since these timing ratios are determined by counting the number of bars between prior pivots and multiplying by Fibonacci ratios to find when the most ratios coincide in a bar, shorter timeframes with more pivots will result in these projections showing up more frequently for minor reversals. When we need to find something more solid, using higher timeframe charts allows us to consider only the more major prior pivots in calculating the next most likely reversal point in time.
So today's focus is on the 135 minute charts. Running the timing calculations indicates that we also had a timing low on this timeframe at price support yesterday as seen below on the ES and YM charts:
While shorter timeframe charts will show additional resistance closer to current price, the resistance levels shown here would coincide with those seen on a daily chart. If we continue to rally this morning we'll be monitoring shorter timeframes for price and time resistance in my chat room, but a rally through intraday resistance is possible now because of the strength of these price and time lows as shown. If that happens, clearing the resistance levels shown on the charts above (especially the bold levels) would be the next step towards new daily swing highs.
If we take out yesterday's lows instead, expect an acceleration to downside.