Hi Jim,

Thanks for opening this Forum to your students and giving us an opportunity to show our charts and share our ideas.

Here is a chart of todays ABCD's in the russell. I will post a context chart later. Today was one of those days where the market changes direction on Jim's unique Fib numbers, Had you been trading with standard fib numbers you may not have noticed these PTA's. Is it me or is .564 becomming more and more prevalent?

Well, I'm biased, but I see it all the time, and use it frequently. It is often the key number for certain layouts, and the key number for 'harmonicity' in many setups. That's why I finally decided to reveal it.

Here are possible PTA's for today. The 13 min chart is the context chart. The Er clearly 'sees' the upper \\ as resistance. The first arrow on the 8 min chart shows perfect harmonicity imho, .685 ret, median line, and ABCD. The second arrow on the 8min chart shows the same. I did not reverse at the upper \\ The tick chart shows possible entries. Not much action today. Fed meeting tommorrow.

Nice work, Duane. The key thing I see with the 13-min set is the upper // 'creep'. This is very bullish, and is anything but weak price action. Given this is happening right after the Russell just set a new all-time high, and at an area just below that previous high line, is noteworthy to me. Also note that the 13-min action might be viewed as an ABCD with a TD (trend direction) ABCD in the BC leg, reversing at a .564. It may have then done a 'wave 1' and a 'wave 2' (which was an ABCD) off that, and it could be coiling for a 'wave 3' pop here. Look at the structure of the action as it 'coils', too. The hesitation may be due to the Fed. I'm just looking at some various possibilities so I can try to formulate some trade premises. A turn down here would be very curious.

Hi Jim,

Thanks for the lesson. I never would have seen these ABCD's. The move off of the .564 ret is extremely impulsive.

Recognizing the structure at the line and .564 area was what made the potential opportunity there 'visible' to me. So, what are the structures since the last ABCD you highlighted? Look both after and including this latest ABCD.

Duane,

When you get a chance post an updated 13-min chart. Look at how your lines are being followed, especially that upper //. Is this critical? Is it preparing for a pop over as we speak?

P.S. Look at the 60-min trendline this came off of at the post Fed low yesterday. This slow grind up here after the AM gap and trap sell off is not bullish price action. This is coiling into a key decision spot. Something interesting may be getting ready to start soon...

Hi Jim,

Yes I agree, we are coming to a critical juncture.

Just look at that upper //, division line, and that trendline, not to mention a big ABCD, followed by a thrust and smaller ABCD ('wave 1 and 2'?), heading it right back to that upper //. This thing is a clockspring, ready to explode, IMO. I have found the intraday action just fantastic, with all these lines and 'context' to work with.

Duane has been doing some excellent work on the Russell with the methodology, and he definitely has his own unique perspective on putting the synergistic pieces together. All you other members please post some of your charts on the Russell, and ask Duane some questions.

thankyou duane i knew it was back there somewhere...