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?

One thing's for sure, the areas Jim mentioned starting at 800 have very nice tight groupings.

Jim, Does the lower low at point 2 invalidate this pattern?

Reversal at yesterdays high.

quote:

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Originally posted by Duane

Jim, Does the lower low at point 2 invalidate this pattern?

Click image for original size

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The way this one is laid out, no, it's not invalidated, I can still see the spirit of the pattern here. It's not the ideal layout, but it's still acceptable to me.

Despite the clear overhead areas this thing just gives me the impression it wants to explode upwards. It's an all bets are off scenario until the Fed thing plays out anyway, and the areas may be respected if they don't like what the Fed says, but I just get the feeling the Fed could say the entire world is about to end and they'd buy with both fists, salivating to get more as it explodes. Just a thought, not anything I'd directly trade without a setup. I'm suspecting what Geo mentioned, too, and that is that this is not going to respect the ABCD's across the board, but shoot higher, to ML or upper division line areas. I still think it's very possible the 'correction' may be over for now, and new highs coming. The 'artificial support', PPT, and manipulation seems just over the top. We'll see. I'm just going to watch the key areas and see what it does...

Anything can happen on a Fed day, and the days that follow, and the first reaction tends to be the wrong one, but this is acting like it wants that 830 and daily upper // at the .886. No way would I even think about anything short here unless it really gave me something. Can't wait to see if this upper area turns it, or if it shoots for the big line. Amazing the Fed is hawkish and they buy. I would sell everything I owned on that if such things mattered to me.

Boy, is this an area here... I'm starting to wonder.

Very interesting. I saw the Fed statement as very hawkish, but the talking heads analysis, and obviously the market's viewpoint, is that it is the most dovish in a long, long time, and now the May rate cut is almost a guarantee. I'm probably reading the statement 'wrong', but it's amazing how they can see whatever they want. I knew they were going up no matter what the Fed did or said.

quote:

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Originally posted by jimkane

Boy, is this an area here... I'm starting to wonder.

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Wonder what? If it will hit that 830 today.

Careful at the .685 here...

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