Getting us started. This should be quite a week.

Quite a few zones on euro

not quite.....were we waiting for this?

so here's my new and improved dia

They want to bounce it, but there are many sellers at the line. It looks quite weak.

huge struggle at the .382 and median line.....if they're going to pop it up they really have to do it now, or shoot for the lower line...

Hmmm, multiple tests of the LOD, Friday afternoon, new news about more European downgrades hits and they buy it, seems like the same old same old setup for a run into the close. Maybe not this time, but I'm just pointing out, it looks exactly like the same repeating pattern they do...

It looks pattern will work again. They already broke the line.

it feels as though it wants to go up very fast....iwm really needs to get over 80

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?