Getting us started. This should be quite a week.

churn at resistance....do they drop it like a hot potato?

They still do not think it is old tired trend. We shoudn't think about any selling . Only buying until end of 2014.

It is a bizarre day...

Jim, do you sometimes use simple pullbacks to 0.5-0.786 as setups ? I see many times that such setups gives a nice trigger and works very well.

I think they still want to run it into the close, but keep an eye on 14.50 (center of area) anyway...

The answer to that is perhaps under exceptional circumstances I might here and there, but mostly my interest is only in ABCDs with specific Fibs and multiple line convergence. That's my setup, and the synergy I am after.

Originally posted by sirios

Jim, do you sometimes use simple pullbacks to 0.5-0.786 as setups ? I see many times that such setups gives a nice trigger and works very well.

14.50. I think it will create a strong acceleration up. Let's see.

I'll watch the .382/.447 here, on the one in a million chance some sellers come in, but to me this is 'preordained' to go way up into the close.

There's a tiny, little chance this 16.25 may do a tiny, little something, because of the DB ABCD, .382/.447, and key lines, but don't count on more than a tick or two at the most...

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?