Carolyn Boroden, technical analyst thinks that the S&P 500CNBC predicts that there will be a rally in the near-term Jim CramerTuesday,

“The charts, as interpreted by Carolyn Boroden, suggest that the S&P 500 is poised to give us a couple of days bounce over the next week-and-a-half, with a real possibility that that bounce started today,” the “Mad Money“

“However, she also believes this is relatively short-term in nature — not a reason to buy stocks, but maybe a really good reason to reposition and get into areas that are more defensive and less dangerous,” Cramer added. Don’t be too enthusiastic about the rally.

Boroden forecasted this swing, based on Cramer’s discovery of a substantial number Fibonacci timing periods due between Mondays and Thursdays. Other market analysts use the Fibonacci strategy for spotting patterns that could indicate when stocks or securities might shift direction. 

Below is a daily chart of the S&P 500 featuring the Fibonacci timing cycles that Boroden has identified.

Below is a chart showing the eight Fibonacci Timing Cycles within a Four-Day Period. Cramer stated that she is able to see potential highs and lows by looking at timing cycles. She starts to take these cycles seriously when there are more than three of them within a four-day period.

Cramer stated that Boroden thinks this will lead to a temporary market bottom. However, some parts of her technical analysis indicate there may be further downside.

“Basically, the S&P still hasn’t fallen low enough for the chart to be screaming ‘bottom,’ and overall she thinks the technical picture is still pretty bleak,” Cramer said.

He said: Boroden believes there is good cause to anticipate an intermediate-term high this week. That’s what could have occurred starting today.

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.