There's a reason people format code, because it is much more obvious when things are wrong. Compare your code to this:
Code:
Sub EVENT_TIMER
{
if ($timer == DT)
{
quest::shout("TEST");
if ($timer == Slow)
{
quest::shout("TEST");
if ($timer == Nuke)
{
quest::shout("TEST");
}
}
Much more obvious where the problem is isn't it? I don't know what you edit with, but there are a ton of editors out there that do things like brace highlighting and matching that help to avoid these simple mistakes.