We're just passing through the end of strong Fibonacci Timing factors pointing to a high on S& P, Dow and Nasdaq. These markets have been unusually robust during this time; while the combined price and time resistance is the strongest seen since the rally began in March, each decline has held at intraday price and time support too. Since we're now in the end of these timing ratios, the markets are in a key phase where they will either need to make new swing highs immediately or we should finally start to see a more significant downside correction.

I've identified current downside targets on the ES, YM, and NQ 45 minute charts. For the majority of the rally from the March lows, pullbacks have held at the 45 minute downside target extensions projected from the swing into the current high. These target extensions are the prime places to look for termination of a corrective move within the context of larger timeframes. If these markets fail to find support at the noted levels, additional intraday and daily resistance will form, showing the possibility of even a daily pattern shift to short side. The key will be whether or not the new resistance holds on any bounce, as the support has held on the ride up.

Once again I'm favoring the 45 minute charts to lead the way since they provide a good blend; a close up of nearby pivotal support and resistance levels which can have an effect on the daily patterns, as well as key decision points on intraday. You can see that we ended yesterday's session with a timing high on ES too, signifying a decision point for possible termination of a corrective bounce in the context of a new downtrend. In the chat room we also have 15 minute timing highs in place on ES, and YM, with Gartley price resistance holding on ES.

S& P Cash Daily:

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ES 45 Minute:

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Dow Cash Daily:

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YM 45 Minute:

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Nasdaq Cash Daily:

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NQ 45 Minute:

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Mark Braun - Market Geometry

www.mjbraun.net