Getting us started. This should be quite a week.

They never fail to surprise me at times, but at least this time it was pleasantly.


"...I think this is now headed up a bit (short-term intraday)..."

Originally posted by jimkane

There is a slather of 'sub-levels' in here from 20.25-22.25. Although I think this is now headed up a bit (short-term intraday), this is the level it has to clear to be free to move back up. It's all the zone for various bearish ABCDs.

Right to 14.25, which draws the bounce. But, it hits the first area and weakens. If they can't bounce it off this insane line convergence (X marks the spot was coined a long time ago, and I coined * marks the spot for a multiple line convergence) after a big 3D, it could get toasted.

Originally posted by jimkane

Now, if this gets going to the downside, I'm watching 14-15 area next.

Okay, watch around 18.25 and 19.50 to see how it handles that.

And watch the little bearish ABCD here, too, in case that's all it can do. I think it will start up now, though, after that 'shakeout'. We'll see. The little intraday short-term up I was expecting before when my pessimism had me thinking my wonderful, precious short-side had played out already...

Here's the refined levels, the super-short-term ones for the 1-min bounce, so to speak.

16.75-17.25

18.25-.50

19.50-.75

First level, as an ABCD, is hit and it is reacting. If the buyers are in control there should be a much more vigorous move off this major line convergence. This is the first hint of true weakness I have seen since December. It may mean something.

I have to say, that low there at the 3D is one of the most profound line convergences I have ever seen. It is utterly amazing. If it fails, it will be significant to me.

They should start coming in hard here any time now...

This is incredibly weak. I'm quite surprised. Was that move to my line at the HOD the final climax move? Is this key area going to fail?

They are leaning on crude, a big supporting indicator, to me.

rat, I'm not sure if I defined them in here or not, but the terms I use are in the AFTC book. I follow Miner's convention. I don't use 'extension' as a term at all. We all know what retracements are. 'Internal' means less than 100%, 'external' means greater than 100%. A price projection uses three points, like A, B, and C of an ABCD. It takes the move from points 1 and 2 and multiplies that by a Fib ratio and adds it to point 3, to get point 4. I also use expansion, which is a two point tool, and starts out like a price projection, using points 1 and 2, but after doing the ratio it adds it to point 2 instead of point 3. This is clearly explained in AFTC, with diagrams, so I refer you back to that book.

Originally posted by rat89

Jim, you once clarified the difference between projection and extension here....I can't find it, and I get mixed up in terms....could you point me to it again?