Here’s our current ES (CME eMini S&P futures) daily chart:

Click on image to enlarge!

As discussed last week, the timing ratios lined up perfectly with upside price targets and the major .618 retracement from the April high to the July low. To paraphrase W.D. Gann, “When time and price come together, change is inevitable”.

We’ve seen a bounce and consolidation from the 50 percent retracement support level. Stepping down to a slightly shorter timeframe, the 135 minute chart, we can see that timing support ratios clustered together from Monday’s session into the start of yesterday’s trading too:

Click on image to enlarge!

We’re now clear of these timing factors, and without a break of significant resistance from the timing support, today and tomorrow should let us know if we’re going to see clear follow through to downside. Stepping down to the 45 minute chart that we use for trend determination in the chat room:

Click on image to enlarge!

We can see that a break below 1073 would imply the target at 1057 as an initial goal. This would take out the swing low made earlier this week in the timing support, and confirm that timing resistance on the daily timeframe is bringing more than just a corrective decline.

For more information on the timing interplay on these charts, check out this 15 minute video that I recorded this past weekend:

Video

For more from Mark including his “Chart of the Day”, visit MJBraun.net and make sure to visit his Special Events page for details on an upcoming webinar.