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?

You all know why this is a critical spot right here, right? If this gives way, watch out below.

Sometimes this stuff just amazes me beyond my ability to comprehend...

There are a few things I see before the gap up that are similar:
both produced ABCDs that terminated at the 1.902(there was also an .886 right there in both cases), the reaction from that was a .685 and they both closed near the .382 from the top of that 1.902 ABCD.
Maybe just a shot in the dark here....

M,

Think pattern and layout, and how things reacted, and not numbers. Every new pattern started as someone seeing something, a structure, that no one else saw before. I'm not saying this will become a new, known pattern, but it is a 'layout' I've seen before, with the same results as we saw this time.

Warning line holding

The double bottom pattern? will post what I see latter.

quote:

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Originally posted by jimkane

Yes, it is something I see frequently. I also see the previous highs and lows being used, too. But I have to be careful not to get too much on my charts, or I'll get analysis paralysis.

Did you notice it followed the pattern I hinted at above? I'm surprised I didn't get any comments on that. I'm not going to describe this, you guys all need to do the work to try to figure this out, if you think it's worth it.

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OK, rampers may be in now, right off this key area. Watch the 800, 801, and 802 layers for big clues. This low area is critical to the bigger picture.

Amazing how price reacted dead on the lower //

Sometimes I just can't get over this methodology. M or Duane, post the 13/60 min obvious upsloping set ('locked' at the high from the 22nd), and add on horizontal lines for yesterday's low, and from the top of 'wave 1' on the 12th, plus the .382 off the low on the 5th. Show this on the 3-min, once the lines are on the chart. To spruce it up, show the downsloping set based on the move from the 26th, locked at yesterday's low. Notice where the ML hits. Although it is much more clear on the 1-min, highlight the 4-Point CP once it started up. Sometimes it is so clear it seems like it just can't possibly produce a reaction, yet it moved over seven points so far when I posted this.

4pt in the circle. Duane you're the 4pt specialist.

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