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.